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Economy

Remittances from overseas Filipinos hit record, but growth slows

Trade tensions, sluggish global growth weigh on key pillar of Philippine economy

After India and China, the Philippines has the third highest amount of remittance inflows in the world.   © Reuters

MANILA -- Filipinos working overseas sent more money home last year than ever before, but the growth in remittances slowed for a second straight year amid trade tensions and sluggish global growth.

The amount of cash sent back to the Philippines rose 3.1% to $28.9 billion, the Bangko Sentral ng Pilipinas said on Feb. 15. The pace of growth hit the central bank's revised target but was less than its original goal of 4%.

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