The Philippines’ top financial regulator has said de-risking practices by banks in major markets is partly to blame for a fall in remittance growth rates, which have dealt a blow to its $23bn fund transfer industry.
The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, had set a target of at least a 5 percent increase in the total value of personal remittances for 2015.
However, its most recent figures show that the growth rate has fallen to around 3.5 percent, from 6.9 percent the previous year.
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