OFW remittances recover in July 2019
MANILA, Philippines – Personal remittances from overseas Filipino workers (OFWs) rebounded in July from the contraction in June, the Bangko Sentral ng Pilipinas said.
Cash remittances coursed through banks rose to $2.6 billion in July, 7.5% higher than the $2.4 billion registered during the same month a year ago. This is the fastest growth since October 2018's 8.7%.
Meanwhile, personal remittances from OFWs totaled $2.9 billion in July, rising by 7.2% compared to the $2.7 billion posted in July 2018.
Personal remittances, which includes personal transfers and net compensation of OFWs, increased by 3.6% to $19.1 billion from January to July.
The steady growth of personal remittances was driven by remittances from land-based workers with work contracts of one year or more.
Overall, workers from the United States contributed most of the inflows for January to July at 36.8%. It was followed by Saudi Arabia, Singapore, United Arab Emirates, United Kingdom, Japan, Canada, Hong Kong, Germany, and Kuwait. – Rappler.com