CASH transfers to the Philippines, the main source of livelihood for millions of families, will grow at a healthier pace in the coming months as more Filipinos get jobs abroad.
This follows last week’s report that showed remittances in March grew at its fastest pace since 2009, recovering from the slowdown recorded in January and February.
British bank Barclays said the muted expansion at the start of the year may be a result of the weakening of the euro, which makes remittances from Europe look smaller in dollar terms for the purposes of reporting.
“We suspect flows from Europe likely remained weak on the back of currency translation effects amid the sharp euro depreciation,” Barclays economist Bill Diviney said.
Cash remittances from overseas Filipino workers (OFW) coursed through banks increased by 11.3 percent year-on-year to $2.1 billion in March 2015. For the first three months of the year, cash remittances reached $5.8 billion, 5.5 percent higher than the level posted in the comparable period in 2014.