Official annual remittances from Filipinos working overseas rose 8.4 percent to $1.2 billion in May, the first time growth slowed to a single-digit level since September 2006, the central bank said on Friday. Despite the slowdown, remittance levels remained above the $1 billion mark for the 13th straight month in May.
The central bank said the deceleration was primarily due to a higher base recorded in the same month of 2006. Remittance inflows in the first five months of the year were $5.9 billion, up 22 percent on the same period last year.