MANILA — Cash remittances coursed through banks grew by 2.3 percent to $2.92 billion in July, according to data from the Bangko Sentral ng Pilipinas released Thursday.

The total is higher than the $2.85 billion in the same month last year, the BSP said in a statement.

"The expansion in cash remittances in July 2022 was due to the growth in receipts from land-based and sea-based workers," the BSP said.

In the January to July period, cash remittances reached $18.26 billion, higher by 2.8 percent compared to the $17.77 billion in the same comparable period, data showed.

Remittances from the US, Saudi Arabia, Singapore and Qatar contributed largely to the increase during the first 7 months of the year, the central bank said.

Meanwhile, personal remittances amounted to $3.24 billion in July, also up by 2.3 percent compared to the same month last year, BSP data showed.

This brought the total personal remittances for the first 7 months to $20.3 billion, which is 2.7 percent higher year-on-year, it added.

Some economist have said that the seasonal increase in remittances could provide support for the weakening peso against the US dollar during the last quarter of the year.

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The peso weakened to its all time low of P57.18 against the greenback on Sept. 8.

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