Remittance growth slows in February

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A money exchange store employee counts US dollar notes in Manila on November 24, 2016. AFP

Overseas Filipino workers (OFWs) sent more money home in February although at a slower pace from the previous month, the central bank reported on Monday, April 16.

Remittances totalled $2.267 billion for the month, up 4.5% from the $2.169 billion inflows tallied in February 2017, the Bangko Sentral ng Pilipinas (BSP) said. However, the figure slipped from the $2.379 billion cash transfers received in January.

February’s growth pace is likewise the slowest in three months since a two percent increase recorded in November, data showed.