Philippines: Remittances may shrink 5 percent this year
Governor of the Philippine central bank (BSP) Benjamin Diokno has said overseas remittances to the country could shrink 5 percent this year because of COVID-19.
Illustrative image (Photo: Philstar) Singapore (VNA) - Governor of the Philippine central bank (BSP)
Benjamin Diokno has said overseas remittances to the country could shrink 5
percent this year because of COVID-19.
Remittances may fall to 28.6 billion USD from the record 30.7 billion USD last year.
The central bank is closely monitoring the latest reports from the Philippine Overseas Employment Administration (POEA), the Department of Labour and Employment (DOLE), and the Department of Foreign Affairs (DFA) on the deployment, displacement, and repatriation status of overseas Filipino workers (OFWs).
Earlier, DOLE said more than 1 million OFWs would be displaced by December 2021 due to the pandemic. Actual data shows that over 320,000 OFWs had already lost their jobs as of May and the figure is expected to double to nearly 610,000 by December.
The World Bank has estimated that global remittances will be down 20 percent this year. The East Asia and Pacific region is expected to see a 13 percent decline, driven mainly by falling inflows from the US./.
Remittances may fall to 28.6 billion USD from the record 30.7 billion USD last year.
The central bank is closely monitoring the latest reports from the Philippine Overseas Employment Administration (POEA), the Department of Labour and Employment (DOLE), and the Department of Foreign Affairs (DFA) on the deployment, displacement, and repatriation status of overseas Filipino workers (OFWs).
Earlier, DOLE said more than 1 million OFWs would be displaced by December 2021 due to the pandemic. Actual data shows that over 320,000 OFWs had already lost their jobs as of May and the figure is expected to double to nearly 610,000 by December.
The World Bank has estimated that global remittances will be down 20 percent this year. The East Asia and Pacific region is expected to see a 13 percent decline, driven mainly by falling inflows from the US./.
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