July remittances hit 7-month high

Money sent home by overseas Filipino workers (OFWs) jumped to its highest level in seven months in July, but not enough to boost the year-to-date amount, data from the Bangko Sentral ng Pilipinas (BSP) showed on Tuesday.

Personal remittances — personal transfers in cash or kind and capital transfers between households — settled at $3.08 billion in the month, a 12.71-percent and 7.6-percent increase from $2.73 billion in June and $2.86 billion in July 2019, respectively.