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Economy

Philippine remittances come in at $29.9bn, defying COVID

400,000-worker repatriation raises questions over sustainability of cash inflow

Repatriated overseas Philippine workers arrive at an airport in Metro Manila on May 26, 2020.   © Reuters

MANILA -- Cash remittances from Filipinos working overseas dropped 0.8% to $29.9 billion last year, defying expectations of a sharper fall due to the pandemic, the country's central bank said on Monday.

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