OF remittances hit seven-month high of $3.18 billion in July

Cash remittances from Overseas Filipinos (OFs) reached a seven-month high of $3.179 billion in July, a 3% increase from the previous year.

This monthly remittance level is the highest recorded since December 2024.

Remittances from sea-based OFs saw a slightly faster growth rate of 3.1% compared to land-based OFs in July.

Land-based workers still contributed the largest portion, with their remittances increasing by 3% year-on-year to $2.59 billion.

Remittances from sea-based workers rose by 3.1% to $585 million during the same month.

Year-to-date cash remittances reached $19.932 billion, a 3.1% increase from the comparable period in 2024.

The United States was the top source of remittances, accounting for 40.3% of the total.