Personal remittances sent home by overseas Filipino workers (OFW) in July hit US$2.7 billion in 2018, a 4.5 percent increase from the same period last year.
This is according to a report by the Bangko Sentral ng Pilipinas.
During the first seven months of 2018, cash remittances climbed to $16.6 billion, a 3 percent increase from the same period in 2017.
Cash remittances from land-based and sea-based workers totaled $13.1 billion and $3.5 billion, respectively.
The Philippine peso which is at 54.06 per dollar as of posting, is expected to slide further this year and was predicted to hit 58 per dollar next year.
Meanwhile, cash remittances in July 2018 increased by 5.2 percent at $2.4 billion compared to July last year.
The BSP attributed the rise of the remittances to the cash inflow from the short-term contracts of land-based workers who raised 2.8 percent and sea-based workers who raised 4.0 percent.
Data from the central bank showed that OFWs from the United States, United Arab Emirates, Singapore, Japan and UK make-up 79 percent of the total cash remittances received by the country.
