OFW remittances continue recovery in July
Dollar remittances from expatriate Filipinos grew for the second consecutive month in July due mainly to the increase in hard currency sent home by land-based workers with longer term employment contracts, according to the central bank. Shakti In a statement, the Bangko Sentral ng Pilipinas (BSP) said the latest data showed remittances increasing by 7.6 percent year-on-year to $3.08 billion in July 2020 from $2.87 billion in July last year. This brought the total remittances for the first seven months of 2020 to $18.66 billion, or 2.4-percent lower than the $19.12 billion posted a year ago. ofw Pinoy Channel “The growth was attributed to the 12.6-percent increase in remittances from land-based workers with work contracts of one year or more to $2.467 billion in July 2020 from $2.192 billion in July 2019,” the BSP said. Meanwhile, remittances Pinoy Tambayan from sea-based workers fell by 9.2 percent from $613 million posted a year ago to $557 million in July 2020 due mainly t...