March remittances to Philippine is down by 4.7%

Data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances in March decreased 4.7% to $2.397 billion because of the COVID-19 outbreak and escalating tensions among global oil producers as demand slumped.

The BSP expects cash remittances to decline by 5% this year due to the worsening fallout from the pandemic, down from the 3% growth estimate it gave last year.