Dollars sent home by Filipinos abroad grew almost three percent to $3.1 billion in August, as overseas workers sent more money to their families back home amid the continued rise in commodity prices, according to the Bangko Sentral ng Pilipinas (BSP).
Data from the BSP showed that personal remittances – the sum of net compensation of employees, personal transfers, and capital transfers between households – reached $3.1 billion in August.
Similarly, remittances from sea and land-based workers with work contracts of less than one year also grew, although more slowly, by 1.4 percent to $660 million from $650 million. The expansion in cash remittances in August was due to the growth in receipts from land and sea-based workers. “The growth in cash remittances from the US, Saudi Arabia and Singapore contributed mainly to the increase in remittances in the first eight months of 2023,” the BSP said.
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