OFW remittances up by over 3% in July
Manila: Personal remittances from overseas Filipino workers (OFWs) went up by 3.2 percent in July this year, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the BSP on Monday showed that personal remittances amounted to USD3.43 billion in July from USD3.32 billion a year ago. The BSP said the increase was due to higher remittances from land-based workers with contracts of one year or more and sea- and land-based workers with work contracts of less than one year. Personal remittances cover cash sent through banks and informal channels and also remittances in kind. Cash remittances coursed through banks