An employee counts US dollar bills at a money exchange office. — REUTERS
REMITTANCES from overseas Filipino workers (OFWs) grew slower in April from the previous month due to a “cyclical” drop in expenses.
Cash remittances grew by 4% to $2.441 billion in April from the $2.3 billion posted in the same month last year, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.
Despite the year-on-year climb, the growth in money sent home by Filipinos abroad in April was slower than the 6.6% surge seen in March, which was due to a low base from a year earlier when the Philippine government imposed an employment ban to Kuwait.
The central bank attributed April’s increase to the 2.2% growth in remittances from land-based workers to $1.8 billion. Money sent home by sea-based workers also rose 10.6% to $600 million during…