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Remittance growth picks up in July

MANILA, Philippines – Money sent home by Filipinos working and living overseas reached $2.1 billion in July, up 7.4% from a year ago, the central bank reported Monday, September 16.

This was the 4th consecutive month that remittances hit the $2-billion mark.

Growth in July picked up from the 5.7% climb registered in June.

Remittances in the January-July period amounted to $13.9 billion, up 6.4% year on year.

"The steady deployment of OF workers remained the key driver of the growth in remittance flows," Bangko Sentral ng Pilipinas governor Amando Tetangco Jr. said.

The major sources of remittances were the US, Saudi Arabia, United Kingdom, United Arab Emirates, Singapore, Canada and Japan.

Remittances are a key driver of domestic consumption, accounting for over 10% of the Philippines' gross domestic product.

Many families depend on money from relatives abroad for their needs at home like food, education and medical care. – Rappler.com