Money

OFW remittances rise to $3.1B in July

Overseas Filipino workers proved yet again why they deserve to be hailed as modern-day heroes.

The Bangko Sentral ng Pilipinas reported a surprise 7.6 percent jump in remittances in July, tallying the biggest haul for 2020 so far at $3.1 billion. This is close to matching the record high in December 2019, which reflected the typical surge in remittances ahead of the Christmas season.

Land-based workers with year-long contracts led the way, sending more money to their families back home. Seafarers were less lucky as the global pause due to the pandemic rendered some of them jobless.

Sustained growth in remittances was seen from OFWs in the United States, Japan, Singapore, Qatar and Taiwan, against declines in the money sent by those working in Saudi Arabia, United Arab Emirates, Germany, Kuwait and the United Kingdom, the central bank said.

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