Personal remittances from Overseas Filipinos (OFs) reached $3.02 billion in August, higher by 4.4 percent than the $2.89 billion posted in the same month last year.

This resulted in the cumulative personal remittances rising by 3 percent to $23.34 billion from January to August from $22.67 billion registered in the comparable period in 2021.

The increase in personal remittances in August 2022 was due to remittances sent by land-based workers with work contracts of one year or more, and sea- and land-based workers with work contracts of less than one year.

Similarly, cash remittances coursed through banks grew by 4.3 percent to $2.72 billion in August from $2.61 billion recorded in the same month last year.

On a year-to-date basis, cash remittances amounted to $20.99 billion in January-August, up by 3 percent from $20.38 billion recorded in the same period last year.

The expansion in cash remittances in August was due to the growth in receipts from land-based and sea-based workers.

In terms of country source, the growth in cash remittances from the United States, Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances in the first eight months of 2022. BSP