The Bangko Sentral ng Pilipinas reported that remittances from overseas Filipinos continue to dip and fell into a three-month low based on the data from the month of August.
The BSP said that cash remittances or money transfers coursed through banks stood at $2.721 billion, the lowest since $2.425 billion worth of remittances came in last May.
The figure is slower than the $2.917 billion in July, but higher compared to the $2.609 billion recorded in August 2021.
Based on the report, the United States accounted for 41.7% for cash remittances, followed by Singapore with 6.9%, Saudi Arabia with 5.8%, and Japan with 4.9%.
Other countries like United Kingdom with 4.9%, the United Arab Emirates with 4.1%, Canada with 3.5%, Qatar with 2.8%, Taiwan with 2.7%, and South Korea with 2.6%.
The total sum of transfers sent in cash or in-kind via informal channels were recorded at $3 billion. The lowest since May’s $2.705 billion.
The central bank said that most of the remittances came from land-based workers with one year contracts than sea- and land-based workers with work contracts less than a year.
