Remittance Growth Slows to Nearly Three-Year Low in Risk for Philippine Economy
A customer counts Philippine pesos banknotes inside a remittance center in Quezon City, Metro Manila.
Photographer: Veejay Villafranca/BloombergMoney sent home by Filipinos working overseas grew at the slowest pace in nearly three years in March, reflecting the impact of the global energy crisis sparked by the Iran war and signaling more weakness in the Philippine economy.
Cash remittances rose 2.3% from a year ago to $2.87 billion in March, the weakest pace since June 2023. It was also slower than the 2.5% median estimate in a Bloomberg News survey.