Cash remittances hit 7-month high at $3.18 billion in July

By Katherine K. Chan

FILIPINOS ABROAD sent more money home in July, hitting a seven-month high as remittances from sea-based workers grew at a slightly quicker pace than those from land-based workers, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

Cash remittances coursed through banks jumped by 3% to $3.179 billion in July from $3.085 billion in the same month a year ago, data from the central bank showed.