Remittances Improve to $13.7 B in 5 Months

But US Tariffs Cast Pall Over Economic Growth

- By KEISHA TA-ASAN

Cash remittances from overseas Filipino workers (OFWs) grew by three percent year-on-year to $13.77 billion in the first five months of the year, boosted by stronger sea-based deployment and a weaker peso.

However, a looming 20-percent tariff on Philippine exports to the United States is threatening broader economic gains and foreign investment prospects, analysts warned.

In a statement, the Bangko Sentral ng Pilipinas (BSP) said remittances coursed through banks hit $2.66 billion in May, 2.9 percent higher than the $2.58 billion a year ago.

Sea-based Filipinos sent $536 million during the month, growing faster at 3.1 percent year-on-year compared to the 2.8 percent increase from land-based workers, which totaled $2.12 billion.