MANILA, Philippines — Cash remittances posted their lowest inflows in six months in November 2023 as geopolitical turmoil in the Middle East and a stronger peso likely discouraged Filipinos abroad from sending money back home. Data released on Monday by the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks grew 2.8 percent year-on-year in November to $2.7 billion, the lowest since May 2023. Figures showed the November inflow was weaker than the 5.7 percent growth recorded in the same month in 2022. It was also slower than the 3 percent expansion in October last year despite the demand rush brought by the holiday season, when remittances were typically high. READ: OFW remittances growth slowing In the first…
Published Date: 2024-01-15
Source: Inquirer
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