OFW remittances grew by 2.3% in July

Remittances from Filipinos working abroad increased by 2.3 percent year-on-year to reach $3.24 billion in July, according to the Bangko Sentral ng Pilipinas.

Of that amount, $2.92 billion accounted for cash sent through the banking system. This was also 2.3 percent higher than the figure in the same month in 2021.

The BSP said fund transfers from both land-based and sea-based OFWs increased in July.

OFW money was mostly sent from the United States, Saudi Arabia, Singapore and Qatar.