{"id":18781,"date":"2024-05-16T03:02:06","date_gmt":"2024-05-16T03:02:06","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/remittance-growth-slows-in-march\/"},"modified":"2024-05-16T03:02:06","modified_gmt":"2024-05-16T03:02:06","slug":"remittance-growth-slows-in-march","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/remittance-growth-slows-in-march\/","title":{"rendered":"Remittance growth slows in March"},"content":{"rendered":"<div>\n<p class=\"p3\">By <b>Luisa Maria Jacinta C. Jocson, <\/b><i>Reporter<\/i><\/p>\n<p class=\"p5\"><span class=\"s2\">MONEY SENT HOME by overseas <\/span><span class=\"s3\">Filipino<\/span><span class=\"s4\"> workers (OFWs) in March re<\/span>corded its slowest pace of growth in nine months, data from the Bangko Sentral ng Pilipinas (BSP) showed.<\/p>\n<p class=\"p6\">Cash remittances \u2014 which fuels household spending \u2014 grew by 2.5% to $2.74 billion in March from $2.67 billion in the same month last year.<\/p>\n<p class=\"p6\">The growth in cash remittances eased from the 3% recorded in February. It was also the slowest pace of annual growth in nine months or since 2.1% in June 2023.<\/p>\n<p><a title=\"Overseas Filipinos\u2019 Cash Remittances\" href=\"https:\/\/www.flickr.com\/photos\/142608056@N02\/53721855127\/in\/dateposted\/\" data-flickr-embed=\"true\"><img loading=\"lazy\" fetchpriority=\"high\" loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2024\/05\/53721855127_3bfe22cc47_o.jpg\" alt=\"Overseas Filipinos\u2019 Cash Remittances\" width=\"2047\" height=\"1628\"><\/a><script async src=\"\/\/embedr.flickr.com\/assets\/client-code.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p6\">Month on month, cash remittances coursed through banks rose by 3.5% from $2.65 billion in February.<\/p>\n<p class=\"p6\">\u201cThe increase in personal remittances in March 2024 was due to remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year,\u201d the BSP said.<\/p>\n<p class=\"p6\">Remittances from land-based workers went up by 3% to $2.15 billion in March, while money sent by sea-based workers inched up by 0.9% to $588.787 million.<\/p>\n<p class=\"p6\">\u201cThe slight dip may be attributed to foreign exchange nuances with the peso much weaker in March 2024 versus March 2023,\u201d ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a Viber message.<\/p>\n<p class=\"p6\"><span class=\"s5\">\u201cSlower in<\/span><span class=\"s3\">f<\/span><span class=\"s5\">lation for <\/span><span class=\"s3\">f<\/span><span class=\"s5\">irst quarter 2024 versus the corresponding quarter last year could also be tagged as one reason for the slight underperformance,\u201d he added. <\/span><\/p>\n<p class=\"p6\">In March, inflation accelerated to 3.7% from 3.4% in February. However, it was much slower than the 7.6% print a year earlier.<span class=\"Apple-converted-space\">\u00a0 \u00a0<\/span><\/p>\n<p class=\"p6\"><span class=\"s5\">Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted there was a seasonal increase in remittances due to the \u201choliday-related spending for the <\/span><span class=\"s4\">Holy Week in the latter part of March.\u201d <\/span><\/p>\n<p class=\"p6\"><span class=\"s6\">Meanwhile, cash remittances rose by 2.7% to $8.22 billion in the <\/span><span class=\"s4\">f<\/span><span class=\"s6\">irst quarter from $8 billion in the same period a year ago. <\/span><\/p>\n<p class=\"p6\"><span class=\"s7\">\u201cThe growth in cash remittances from the United States (US), Saudi Arabia, the United Arab Emirates (UAE), and Singapore contributed mainly to the increase in remittances in Q1 2024,\u201d the central bank said. <\/span><\/p>\n<p class=\"p6\">In the January-March period, the United States accounted for 41.2% of overall remittances. This was followed by Singapore (7.2%), Saudi Arabia (5.9%), Japan (5%), and the United Kingdom (4.4%).<\/p>\n<p class=\"p6\">Other sources of remittances were the UAE (4.3%), Canada (3.2%), Qatar (2.8%), Taiwan (2.8%) and Hong Kong (2.5%).<\/p>\n<p class=\"p6\"><span class=\"s8\">Meanwhile, personal remittances increased by 2.6% to $3.05 billion in March from $2.97 billion in the same month last year. In the <\/span><span class=\"s6\">f<\/span><span class=\"s8\">irst quarter, personal remittances jumped by 2.8% to $9.15 billion from $8.9 billion a year ago.<\/span><\/p>\n<p class=\"p6\">Mr. Ricafort said he expects modest growth in remittances in the next few months.<\/p>\n<p class=\"p6\">\u201cFor the coming months, single-digit growth in OFW remittances could still continue as OFW families still need to cope up with relatively higher prices\/in<span class=\"s3\">f<\/span>lation locally that would require the sending of more remittances,\u201d he said.<\/p>\n<p class=\"p6\">Mr. Mapa said that remittances remain a \u201cstable and dependable source of foreign currency and peso purchasing power for the Philippine economy.\u201d<\/p>\n<p class=\"p6\"><span class=\"s5\">The BSP expects cash remittances to grow by 3% this year. <\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div>MONEY SENT HOME by overseas Filipino workers (OFWs) in March recorded its slowest pace of growth in nine months, data from the Bangko Sentral ng Pilipinas (BSP) showed.<\/div>\n","protected":false},"author":1,"featured_media":18782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,11413,3477,17911,15219],"class_list":["post-18781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bworldonline","tag-growth","tag-march","tag-remittance","tag-slows"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - 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