Remittances down 4.7%

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Remittances that are coursed through banks declined by 4.7 percent to $2.397 billion in March 2020 from $2.514 billion posted in the same month last year.

Bangko Sentral ng Pilipinas said the decline in cash remittances in March was largely due to the lesser number of Filipinos deployed overseas in the first three months of 2020 relative to the comparable level last year.

The countries that registered the declines in cash remittances in March were mostly from oil producing countries Saudi Arabia, United Arab Emirates and Kuwait where demand for workers were affected by depressed oil price in the world market.

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Notwithstanding the decline in March, cash remittances for the first quarter of 2020 managed to post a modest increase of 1.4 percent to $7.403 billion from the $7.299 billion registered in the same period last year.

The slight growth for the quarter was supported by remittances from both land-based and sea-based workers, which rose by 1.3 percent and 1.8 percent, respectively.

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