OFW remittances up 6.6 pct in July
MANILA, Philippines - Money from Filipinos living and working overseas jumped 6.6% to $1.93 million in July, data from the Bangko Sentral ng Pilipinas showed.
The growth of cash remittances, which help power domestic consumption, was at its fastest since January when remittances rose 8%.
From January to July, remittances reached $12.63 billion, up 5.8 % from last year.
Total personal remittances, which represent the sum of net compensation, household-to-household transfers in cash and kind, and capital transfers of overseas Filipino workers, rose 7.4% in July from a year earlier to $2.11 billion, the highest since December.
The BSP expects cash remittances from Filipinos abroad to grow 5% this year.
Cash remittances in 2012 reached $21.39 billion, up 6.3% from a year earlier. The major sources of cash remittances in July were the United States, Saudi Arabia, the United Kingdom, United Arab Emirates, Singapore, Canada and Japan.
Remittances have held up well despite the global economic turmoil, keeping domestic consumption robust, which in turn helped offset weak global demand for the country's exports. - With Reuters