Remittance growth slows down

FILE PHOTO

MANILA, Philippines—Growth in the amount of money sent home by overseas Filipino workers slowed down in February  despite sustained demand for skilled labor in developed economies like the US, Japan, and Canada.

Remittances from OFWs rose by 5.6 percent in February to P1.79 billion, the Bangko Sentral ng Pilipinas reported Tuesday.

The growth was slower, however, than January’s 5.9 percent growth. It was also the slowest growth rate since March of last year, when remittances increased by 4.2 percent.

The country is still on track to meeting the government’s remittance forecast of a growth of 5 percent this year.

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