Remittances from Filipinos based overseas grew 3.3 percent in October, its the weakest pace in over a year, data from the Bangko Sentral ng Pilipinas showed.
Overseas Filipino Workers (OFWs) sent home $1.43 billion in October, the second highest volume on record. However, in terms of annual increases, the October data is the lowest since June 2007 when inflows rose just 1 percent. It is also the second single-digit growth rate in 2008, apart from March, a traditionally weak month for remittances.
In September, the $1.33 billion total remittances accounted for a 17 percent growth compared to the same month last year.
Thus, the dismal 3.3 percent increase in October essentially confirms analysts' expectations that the pace of remittances would slow down as the global credit crisis and recession in the developed countries put jobs--including those of migrant workers'--at risk. Read more
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