The personal remittances of Filipinos abroad reached $3.02 billion in August 2022, the Bangko Sentral ng Pilipinas (BSP) said Monday.The recorded remittance is higher by 4.4...
The personal remittances of Filipinos abroad reached $3.02 billion in August 2022, the Bangko Sentral ng Pilipinas said Monday.The recorded remittance is higher by 4.4 percent than the $2.89 billion posted in the same month last year.This resulted in the cumulative personal remittances rising by 3.0 percent to $23.34 billion in the first eight months of 2022 from $22.67 billion in 2021.
'The increase in personal remittances in August 2022 was due to remittances sent by land-based workers with work contracts of one year or more, and sea- and land-based workers with work contracts of less than one year,' the BSP said in a statement.Cash remittances coursed through banks grew by 4.3 percent to $2.72 billion in August 2022 from US$2.61 billion recorded in the same month last year.On a year-to-date basis, cash remittances amounted to US$20.