Remittances grew in April—but not fast enough to buoy peso

Remittance flows from overseas-based Filipinos grew for the second month in a row in April, rising by 3.8 percent to reach $2.67 billion, according to the Bangko Sentral ng Pilipinas (BSP). This brought January-April inflows to $11.32 billion, an increase of 2.6 percent from $11.03 billion in the period of 2021. Of such amount, cash remittances or those funds that were sent through banks accounted for $10.12 billion. This meant an increase of 2.7 percent from $9.9 billion previously. In April alone, cash remittances grew by 3.9 percent to $2.4 billion from $2.3 billion. Overall growth of remittances in April was faster than the 3.6 percent that ING Bank had projected for ...

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