Slowing remittances growth raises concerns

The slowing growth of remittances from Filipinos living and working overseas is seen to further widen the current account deficit and put pressure on the peso, London-based Capital Economics said. Last year, cash remittances rose by only 3.1 percent, the slowest since 2001 and Capital Economics expected the annual growth in the near term remaining at about 3 percent---half the average rate in the last 10 years. In a March 14 report titled "Philippines: Is the slowdown in remittances a concern," Capital Economics senior Asia economist Gareth Leather and Asia economist Alex Holmes said the easing remittances growth reflected the "improved performance of the Philippine economy, which ...

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