Remittances sent by Philippine citizens abroad gained 9.3% in July from a year earlier to record $1.49 billion. Remittances gained as job losses overseas eased along with improving economic conditions around the world, worth mentioning that remittances account for about 10th of the GDP.

Philippines economy expanded 1.5% during the second quarter compared with a previous expansion by 0.6% in the first three months. Remittances are considered as the largest source of foreign exchange after exports.