Falling remittances foretell gloomier consumption, growth
Falling remittances foretell gloomier consumption, growth
Remittance from overseas Filipinos continued to slow in with year-on-year growth of just 2.2% in April which is down from 3.1% in March and 4.9% in February, according to newly-released data from the Bangko Sentral ng Pilipinas (BSP). According to research group IBON, this foretells further depressed consumption and growth in the economy as well as deteriorating welfare for millions of remittance-dependent households around the country.
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