OFW remittances recover in July 2019

MANILA, Philippines – Personal remittances from overseas Filipino workers (OFWs) rebounded in July from the contraction in June, the Bangko Sentral ng Pilipinas said.

Cash remittances coursed through banks rose to $2.6 billion in July, 7.5% higher than the $2.4 billion registered during the same month a year ago. This is the fastest growth since October 2018's 8.7%.

Meanwhile, personal remittances from OFWs totaled $2.9 billion in July, rising by 7.2% compared to the $2.7 billion posted in July 2018.

Personal remittances, which includes personal transfers and net compensation of OFWs, increased by 3.6% to $19.1 billion from January to July.

The steady growth of personal remittances was driven by remittances from land-based workers with work contracts of one year or more. 

Overall, workers from the United States contributed most of the inflows for January to July at 36.8%. It was followed by Saudi Arabia, Singapore, United Arab Emirates, United Kingdom, Japan, Canada, Hong Kong, Germany, and Kuwait. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.