Personal remittances from Overseas Filipinos in the first seven months of the current year continue to exhibit an increase in growth. The Bangko Sentral ng Pilipinas (BSP) reported a growth of 3.0 percent from the level registered in the same period last year with year-to-date remittance inflows of $18.5 billion.
Within the same period, top Filipino-owned, publicly listed remittance service provider, I-Remit Inc. (PSE: I) posted a 12% growth, four times more than the growth of the whole industry. I-Remit attributes this to the significant increase in its remittance business turnover from Singapore, Hong Kong, Japan, Taiwan, Canada, United Kingdom, Saudi Arabia, Qatar, UAE, as well as its newest market, South Korea.