PH remittance growth slows to near 3-yr low

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

MANILA, Philippines – Cash remittances grew at their slowest pace in nearly three years in March, as higher consumer prices amid a global oil shock tied to the Middle East conflict constrained the ability of Filipinos overseas to send money to their families back home.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks grew just 2.3 percent from a year earlier to $2.87 billion during the month.

READ: Philippine remittance growth slows to nearly 2-year low in February

That was the weakest pace of increase since June 2023, when inflows went up 2.1 percent.