MANILA – The Bangko Sentral ng Pilipinas (BSP) on Wednesday said that cash remittances last year in November only increased by 2 percent, the slowest rate recorded in almost six years.
The cash remittances in November rose to $2.122 billion from $2.08 billion in the same period in 2013. According to BSP’s data, this is the slowest recorded after the 0.1 percent increase in January 2009.
“The continued deployment of skilled manpower remained a key driver of the sustained growth of remittance flows,” the BSP said.
Total personal remittances increased to 6.2 percent in January to November from a year earlier. BSP said that they expected the remittances in 2014 to rise by 5 percent.
Majority of cash remittances in November came from the following countries: United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Canada and Hong Kong.