'It will continue to be a big driver for economic growth for the Philippines, given that we have 11.5 million Filipinos abroad, and I would be very happy if we hit our number of 3 percent, as mentioned by the central bank,' Navarro said on Tuesday.He was referring to the 3-percent growth target of the Bangko Sentral ng Pilipinas for remittances from overseas Filipinos this year.In 2023, remittances accounted for approximately 8.
'The growth and pace of remittances will always follow the global economic conditions. So, for example, if certain countries are having a hard time, then, of course, senders from those countries might hold back a bit. So, that's what's happening,' he said.BSP data showed that remittances in March this year reached $3.05 billion, or 2.6 percent higher than the $2.97 billion posted a year earlier. The latest figure is also higher than February's $2.
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