Growth in remittances from Filipinos abroad slowed to 2.4 percent in February, the slowest in seven months, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP). Know more:
GROWTH in remittances from Filipinos abroad slowed to 2.4 percent in February, the slowest in seven months, according to the latest data released by the Bangko Sentral ng Pilipinas .
The slower growth of remittances, Opiniano said, could be seasonal similar to the prepandemic period. Remittances would tend to post faster growth at the start of school years or during Christmas and tend to slow after these major expenses. “All the more that the savings habit should be accelerated among these exponential income earners from abroad.”Meanwhile, Rizal Commercial Banking Corporation Chief Economist Michael Ricafort said the slowdown in OFW remittances data may reflect the higher prices or inflation in host countries abroad.
“[This] would require the sending of more remittances, as well as some normalization of spending by consumers/households for both essentials and non-essentials,” he added.
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