Filipinos in the United Arab Emirates are among the top sources of remittances in July this year, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.
According to the BSP, the United States registered the highest share of remittances followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the UAE, Canada, South Korea, Qatar, and Taiwan.
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Remittances sent by OFWs reached a seven-month high in July at $2.853 billion, which is 2.5 percent higher than the remittances recorded the same time in 2020.
“The increase in cash remittances was due to the growth in remittances from land-based workers and sea-based workers, which rose by 1.6% (to $2.308 billion from $2.273 billion) and 6.9% (to $545 million from $510 million), respectively,” the BSP said.
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The remittances from the top 10 countries accounted for 78.6 percent of total cash remittances, the BSP said.
The BSP also recorded an increase in the personal remittances from Filipinos abroad. The BSP said personal remittances increased by 2.6 percent to $3.167 billion in July 2021 from $3.085 billion the previous year. (NM)
