Remittances up 6% on year, slowest in 5 months

Published by rudy Date posted on April 15, 2013

MANILA, Philippines – Remittances growth slowed to a 5-month low in February, amid a strong peso and the weak recovery of the jobs market abroad.

Money sent home by Filipinos in February reached P1.7 billion, up 6% which is the slowest since September.

The Bangko Sentral itself expects remittances to moderate this year to just 5% from last year’s 6.3% amid lingering global economic uncertainties, with unemployment in the US and Europe remaining high.

But the BSP says the jobs outlook is lifted by an increase in the monthly minimum wage in Taiwan, Hong Kong hiring workers for its infrastructure projects and a lifting of the ban on OFW deployment in Iraq and Yemen. – ANC

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