Remittances Sustain Rise

Remittances from overseas Filipino workers (OFWs) continue to climb, hitting the highest level in six months in June amid further global economic reopening, although at a slower pace than the double-digit growth recorded in April and May, according to the Bangko Sentral ng Pilipinas. BSP Governor Benjamin Diokno said personal remittances increased by 7.3 percent to $2.94 billion in June from $2.74 billion in the same month last year as land and sea-based workers sent more money to their families back home. BSP Governor Benjamin Diokno said personal remittances increased by 7.3 percent to $2.94 billion in June from $2.74 billion in the same month last year as land and sea-based workers sent more money to their families back home. In terms of country sources, the BSP chief said the US continues to register the highest share of overall remittances at more than 40 percent, followed by Singapore, Saudi Arabia, the United Kingdom, Japan, the United Arab Emirates, Canada, South Korea, Qatar and Taiwan.

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