Overseas remittances in the Philippines increased at a slower rate in March, data released by the central bank showed Tuesday.
Total remittances by Filipinos staying abroad increased 5 percent year-on-year to $1.698 billion in March, slower than the 5.8 percent growth recorded in February. In January, the rate of growth was 5.4 percent.
In the three months ended March, overall remittances advanced 5.4 percent from last year to $4.8 billion. Remittances from land-based and sea-based workers gained 2.7 percent and 15.3 percent, respectively, during the quarter.
The significant portion of remittances continue to come from the U.S.A, Canada, Saudi Arabia, Japan, the U.K., Singapore, United Arab Emirates, Germany, Italy and Hong Kong, the central bank said.
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