MONEY sent home by migrant Filipinos grew by 1.9% year on year in August to $3.035 billion, the lowest level in three months, preliminary Bangko Sentral ng Pilipinas (BSP) data showed.
Cash remittances sent by overseas Filipino workers (OFWs) through banks stood at $3.035 billion in August, climbing by 1.9% from the $2.977 billion seen a year ago
This was the slowest growth in three months or since June’s 1.7% and matched the annual growth posted in July.
However, this was the lowest monthly level in three months or since the $2.713 billion in May.
Month on month, however, cash remittances slipped by 6.3% from $3.24 billion.
In the eight months to August, cash remittances rose by 2.2% to $23.424 billion from $22.909 billion in the same period last year.
Meanwhile, personal remittances amounted to $3.372 billion in August, 2% higher than the $3.307 billion logged a year prior. These include both cash coursed through banks and informal channels as well as in-kind remittances.
As of August, personal remittances went up by 2.3% to $26.098 billion from $25.513 billion a year earlier.
The central bank projects cash remittances to reach $36.6 billion by yearend, up 2.7% from $35.6 billion in 2025. — Katherine K. Chan
