Cash remittances sent by overseas Filipino workers through banks rose 1.9% year on year to $3.035 billion in August, the third straight month of growth below 2%, according to preliminary Bangko Sentral ng Pilipinas (BSP) data. Analysts cited weaker worker deployment, lingering geopolitical tensions, and typhoons and floods that cut working days as likely causes. From January to August, cash remittances rose 2.2% to $23.424 billion, with the United States the largest source at 39.8% of the total. Union Bank's Ruben Carlo O. Asuncion expects remittances to pick up in the fourth quarter on holiday-related transfers, which would keep the BSP's full-year projection attainable.
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- Philippine cash remittance growth below 2 % for third month
Cash remittances sent by overseas Filipino workers through banks rose 1.9% to $3.035 billion in August, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP), marking the third straight month of growth below 2%. The amount was down 6.3% from July's $3.24 billion but up from $2.977 billion a year earlier. Analysts linked the slowdown to weaker worker deployment, global uncertainties, geopolitical tensions and tighter economic conditions in host countries, while heavy rains and floods that cut working days may also have weighed. For the eight months to August, cash remittances rose 2.2% to $23.424 billion, with the United States the largest source at 39.8%.
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