Remittances increased by 5.9% in June

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MANILA — Rising to its highest level since last December, remittances increased by 5.9 percent in June as Filipino workers continued sending cash from overseas.

“Remittances remained robust on the back of stable demand for skilled Filipinos abroad,” the Bangko Sentral ng Pilipinas (BSP) said in a statement issued on Friday.

Overseas Filipino workers’ cash remittances reached $2.05 billion in June — the highest figure to be recorded since December.

This is also following the expansion of remittance networks outside the country which made it more convenient for OFWs  to send remittances to the Philippines.

Cash remittance is among the country’s largest source of foreign exchange income  which aids in increasing the peso’s value in the case of volatile investment inflows.

For 2014, BSP is expecting more cash remittances with the growth of at least 5 percent to about $24 billion.