MANILA, Philippines — Money sent home by Filipinos abroad posted another month of growth in March, but mainly due to benefits of a low base that hardly tell a convincing recovery. What’s newCash remittances coursed through banks rose 4.9% year-on-year in March to $2.5 billion, the Bangko Sentral ng Pilipinas (BSP) reported Monday. Broken down, remittances from land-based workers grew 5% on-year to $1.95 billion while those from sea-based workers rose by smaller 4.5% to $566 million. Following the repatriation of 327,511 Filipinos last year and a decline in deployment of new migrant workers, remittances sagged 0.8% that, while minimal, was a first since 2001. A return to strict lockdowns from late March to mid-April coupled with rising inflation also likely prompted Filipinos overseas to send more money to their families, Ricafort said.

Source: Philippine Star May 17, 2021 09:45 UTC