Cash remittances from overseas Filipinos declined in August after hitting a seven-month high in July, the Bangko Sentral ng Pilipinas (BSP) reported Wednesday.
Money sent through banks totaled $2.977 billion in August, lower than $3.179 billion in July but up from $2.885 billion a year earlier. Land-based workers accounted for $2.35 billion, while sea-based workers sent $626 million, both posting modest annual increases.
From January to August, remittances reached $22.9 billion, up 3.1% year-on-year. The United States remained the largest source at 40.4% of total inflows, followed by Singapore, Saudi Arabia, Japan, and the United Kingdom.
Personal remittances—including in-kind transfers—stood at $3.307 billion, 3.2% higher than a year ago, bringing total inflows for the first eight months to $25.5 billion, the BSP added.