ON Thursday, the Bangko Sentral ng Pilipinas reported that remittances from overseas Filipino workers in August were about $20 million less than they were in the same month a year ago, the first time since 2003 that cash remittances have actually declined.

Even according to the broader statistic of “personal remittances” – a somewhat dubious measure invented in 2012 that includes, among other things, compensation for sea-based workers and short-term land-based contracts – the same $20 million retraction was recorded.

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