TWO pieces of economic news earlier this week have revealed, once again, just how vulnerable our Overseas Filipino Workers (OFWs) are to what economists dryly refer to as ‘external factors.’
On Monday, the Bangko Sentral ng Pilipinas (BSP) published data that showed the growth rate of OFW remittances slowed in April. The month’s total of $2.23 billion represented a year-on-year increase of 4.9 percent over the $2.12 billion sent to the country in April 2014. While still positive, this was a slower pace than the 5.4 percent expansion recorded for the same month a year earlier, and considerably less than the 11 percent posted in March.
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