Filipinos working abroad are still expected to continue increasing their remittances this year despite the threat of recession in advanced countries like the United States. Know more:
FILIPINOS working abroad are still expected to continue increasing their remittances this year despite the threat of recession in advanced countries like the United States.
“Remittances may be invisible because even the pandemic did not cause it to post a negative growth,” Ang told this newspaper on Wednesday. “I expect remittances to post a growth of around 3 to 5 percent this year.” In the policy note the Hexagon Perspective, Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said the recession in the United States could slow down remittance growth.
“OFW remittances, still near record highs on a monthly basis, are considered a bright spot for the Philippine economy in terms of spurring/supporting consumer spending, which accounts for at least 75 percent of the economy, and in turn, support faster GDP/economic growth,” Ricafort said.
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