MONEY SENT HOME by overseas Filipino workers (OFWs) increased by 2.7% year on year in August, the fastest pace since May, data from the Bangko Sentral ng Pilipinas (BSP) showed. Cash remittances coursed through banks rose by 2.7% to $2.79 billion in August from $2.72 billion in the same month in 2022. This was the fastest rate in three months since the 2.8% seen in May, but slower than 4.3% in August 2022. “The growth in cash remittances during the month was due primarily to increased receipts from both land- and sea-based workers,” the BSP said in a statement. However, cash remittances in August were the lowest since the $2.49 billion in May. Month on month, cash remittances fell by 6.5% from $2.99 billion in July. Remittances from land-based workers jumped by 3.2% year on year to $2.2 billion in August, while cash sent by sea-based workers inched up by 1% to $600 million. “The continued growth (in remittances) nevertheless is still a good signal/bright spot for the overall economy as a growth driver),” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. For the first eight months of 2023, cash remittances jumped by 2.8% to $21.58 billion from $20.99 billion a year ago.

LINK: https://seafarertimes.com/2020-21/node/8665