Cash remittances hit $1.8B in July

Posted at 09/17/12 2:29 PM

MANILA, Philippines (CORRECTED) - Cash remittances by Filipinos working and living overseas reached $1.809 billion in July, growing 5.4% year-on-year, data from the Bangko Sentral ng Pilipinas showed.   

Remittances in the January to July period hit $11.94 billion, higher by 5.2% from $11.35 billion the previous year.

"Driving the uptrend during the 7-month period were robust remittance flows from both land-based OF workers with work contracts of one year or more ($10 billion) as well as sea-based workers and land-based workers with short-term contracts ($3 billion) which grew by 2.8% and 13.7% respectively," the BSP said. 

The BSP expects 5% growth in total cash remittances this year.

Major sources of remittances during the first 7 months of the year were US (43.4% of total), Canada (9.6%), Saudi Arabia (7.5%), United Kingdom (4.8%), Japan (4.9%), United Arab Emirates (4.1%) and Singapore (4%).