OFW remittance up 7.2% to $2.9B in July

MONEY sent home by overseas Filipino workers (OFWs) surged in July, data from the Bangko Sentral ng Pilipinas (BSP) showed on Monday.

In a statement, the BSP said personal remittances — comprised of OFWs’ net compensation; personal transfers (cash or in-kind); and capital transfers between households — reached $2.9 billion in the month, 7.2 percent higher than the $2.7 billion a year ago.