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OFW remittances reach $2.9 billion in July

The remittances sent home by Overseas Filipino Workers (OFWs) in July reached approximately $2.9 billion according to the Bangko Sentral ng Pilipinas (BSP).

The remittance record is an increase of 7.2 percent from last year’s $2.7 billion for the same month .

Halfway through the year, personal remittances reached $19.1 billion which is higher than last year’s $18.5 billion.

The United States remains the biggest source of remittances with 36.8 percent of the total from January to July.

Other countries which are big sources of remittances inclSaudi Arabia, Singapore, the United Arab Emirates, United Kingdom, Japan, Canada, Hong Kong and Kuwait.

Staff Report

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