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5:30 pm on 15 September 2021, Wednesday
Remittances from Filipino migrants grew in July, but at a slower rate than the preceding month, the Bangko Sentral ng Pilipinas reported Wednesday.
In a statement, the BSP said cash remittances coursed through banks amounted to $2.85 billion in July, up 2.5% year-on-year.
But data showed that the clip was slower than the 7% year-on-year expansion posted in June.
From January to July, money sent home by Filipinos overseas amounted to $17.8 billion, up 5.8% compared with the same period last year.
Broken down, the increase in cash remittances was due to the growth in remittances from land-based workers, which rose by 1.6% to $2.308 billion in July.
Inflows from sea-based workers, meanwhile, grew a faster 6.9% on-year to $545 million.
The growth in cash remittances in the first seven months of 2021 came mainly from the United States (US), Malaysia, and South Korea.
Meanwhile, in terms of country sources, the US registered the highest share of overall remittances at 40.4% from January to July 2021, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, South Korea, Qatar, and Taiwan.