Cash remittances up 4.4 percent to $2.8 billion in June

ABS-CBN News

Posted at Aug 15 2022 12:37 PM

MANILA - Cash remittances coursed through banks rose 4.4 percent to $2.8 billion in June, data from the Bangko Sentral ng Pilipinas released Monday showed. 

From January to June, cash remittances increased by 2.9 percent to $15.3 billion compared to $14.9 billion in the same period last year, the BSP said. 

"The expansion in cash remittances in June 2022 was due to the growth in receipts from land-based and sea-based workers," the central bank said in a statement.

The United States, Saudi Arabia, Japan, Qatar and Singapore were the major contributors to the increase in remittances in the first half, data showed.

Personal remittances, meanwhile, also rose 4.4 percent to $3.1 billion in June from $2.9 billion in the same month last year.

The cumulative growth for the first half is at $17.1 billion, higher by 2.8 percent compared to the $16.6 billion in the same period in 2021, the BSP said. 

BSP Gov. Felipe Medalla said the country's dollar reserves, including remittances, help the country amid global headwinds. 

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