OFW remittances hit $3.18B in July, a 7-month high

Filipinos working abroad sent home $3.18 billion in cash remittances in July, marking a seven-month high and a 3% increase from the same period last year.

This July figure represents the highest monthly remittance level recorded since December of the previous year.

While land-based Overseas Filipinos (OFs) still contributed the majority of the remittances, sea-based OFs saw a slightly faster growth rate.

Remittances from land-based workers increased by 3% year-on-year to $2.59 billion, while those from sea-based workers rose by 3.1% to $585 million.

Year-to-date cash remittances stood at $19.932 billion, a 3.1% increase from the same period in the previous year.

The United States was the top source of remittances, accounting for 40.3% of the total, followed by Singapore and Saudi Arabia.