Philippine remittances up by 2.6 pct in July

2021-09-15 13:05:17 GMT2021-09-15 21:05:17(Beijing Time) Xinhua English

MANILA, Sept. 15 (Xinhua) -- Personal remittances from overseas Filipinos increased by 2.6 percent to 3.16 billion U.S. dollars in July, the Philippine central bank said on Wednesday.

It resulted in the rising cumulative remittances by 6.0 percent in the first seven months of this year, the Bangko Sentral ng Pilipinas (BSP) said in a statement.

In terms of sources, the BSP said the United States registered the highest share of overall remittances at 40.4 percent from January to July, followed by Singapore, Saudi Arabia, Japan and Britain.

Personal remittances remain a major source of the Southeast Asian country's foreign exchange inflows, with the 2020 level representing 9.2 percent of the GDP, according to the BSP. Enditem