Remittances Slowing Amid Rising OFW Deployment
Remittances Slowing Amid Rising OFW Deployment
MANILA — While government economic managers report that overseas Filipino remittances are increasing, actual remittances or transfers are in fact slowing, according to research group IBON.
Data from the Bangko Sentral ng Pilipinas (BSP) show that the year-on-year growth of remittances dropped from 4.9% in February and 3.1% in March to just 2.2% in April. But government reported that deployment of OFWs continues to rise while displaced workers are able to find alternate work abroad. According to IBON, if remittances are slowing despite rising deployments, this may imply that average earnings of OFWs are dropping and also lower incomes for each remittance-dependent household.
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