OFW remittances rise 3.2% in August to $2.98 billion

Cash remittances from overseas Filipinos grew by 3.2% year-on-year to $2.98 billion in August, surpassing July's growth rate.

This brings the total cash remittances for the first eight months of the year to $22.91 billion, a 3.1% increase from the previous year.

The Bangko Sentral ng Pilipinas (BSP) maintains its full-year growth forecast of 3%, amounting to $35.5 billion.

Remittances remain a crucial factor for the Philippines' consumption-driven economy, showing resilience despite global challenges.

Factors such as a weaker peso may encourage expatriates to send larger sums home, supporting families amidst rising costs and favorable exchange rates.