Remittances up 8.7 pct in July to $2.56-B

ABS-CBN News

Posted at Sep 15 2017 04:57 PM

MANILA - Remittances from overseas Filipinos grew 8.7 percent in July, the central bank said Friday. 

The Bangko Sentral ng Pilipinas (BSP) said remittances reached $2.56 billion in July, up from $2.35 billion in the same month last year.

BSP Deputy Governor Diwa Guinigundo said, from January to July, personal remittances went up 5.9 percent to $17.92 billion from $16.92 billion in the same period in 2016.

The Philippines is one of the world's largest recipients of remittances, with millions of Filipinos working overseas sending home money that helps power domestic consumption, a key driver of economic growth. 

Remittances together with business process outsourcing (BPO) and tourism receipts serve as a major source of foreign exchange for the Philippines.

"We are seeing both remittances and BPO receipts continue to grow. They have been resilient all these years," Guinigundo added.