Overseas Filipino remittances slow to 2% in April

MANILA, Philippines – Remittances from Filipinos abroad grew at a slower pace in April after reaching $2.7 billion, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Monday.

Latest data showed cash remittances rose by 2 percent year-on-year in April, slower than the 2.3-percent growth recorded in March and marking the weakest pace of increase in nearly three years.

READ: PH remittance growth slows to near 3-yr low

For the first four months of the year, cash remittances increased by 2.6 percent to $11.4 billion.

The United States remained the largest source of cash remittances from January to April, accounting for 39.7 percent of the total. Singapore with 7.3 percent and Saudi Arabia with 6.4 percent followed as the top sources of cash remittances. /pai INQ