Slower OFW Remittance Growth Expected This Year

Several weeks after reporting another record high on February Remittance figures, BSP reported it has lowered its original growth target by eight percent to about $20.2 billion this year. The monthly growth in remittance recorded in February was the slowest in 9 months. The expected slowdown were due to the effects on conflicts in Middle East and North African Countries and the continuing effects of natural disasters that hit Japan. However, BSP remains optimistic about the positive growth of remittances from the rest of the world as demand for skilled Filipino workers abroad continue to increase.