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REMITTANCE PLAYERS in the country remain pessimistic on the growth of transactions due to the continued impact of the coronavirus disease 2019 (COVID-19) on the incomes of overseas Filipino workers (OFWs), a study by the Bangko Sentral ng Pilipinas (BSP) showed.
THE PHILIPPINES and Bangladesh are the most exposed to a decline in remittances during the pandemic, in terms of number of households dependent on the inflows, a dependency which has increased due to the weak labor market, according to Fitch Ratings.
THE DECLINE in cash remittances due to the coronavirus pandemic will translate to lower consumer spending as well as demand, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.
OVERSEAS-WORKER repatriations during the pandemic have hit 102,000 so far, with even more due to return after losing their jobs due to weak global economies or even falling ill from coronavirus, an economist said.
THE forecast decline in 2020 Philippine remittances has been revised to 15% from 10% as overseas workers lose their jobs or see their wages reduced, the Institute of International Finance (IIF) said.
THE decline in remittances to developing countries will be much worse than the 5% drop recorded in the wake of the 2007-2009 global financial crisis, the Institute of International Finance (IIF) said.
THE government’s estimate of the decline in remittances from overseas workers is 2-3%, far more optimistic than the World Bank’s own view of a 13% average drop in funds sent home to low and middle income countries (LMICs) in East Asia and the Pacific.
CASH REMITTANCES from overseas Filipino workers (OFWs) could drop by as much as $6 billion in 2020 as up to 400,000 Filipinos could lose their jobs amid a global recession due to the coronavirus disease 2019 (COVID-19), according to a paper published by the Ateneo de Manila University Department of Economics and Ateneo Center for Economic Research and Development (ACERD).
UTILITY PAYMENTS and remittance transactions are still done manually by majority of Filipinos, according to a study by Better Than Cash Alliance which recommended an interoperable platform to streamline these inflows.
THE PHILIPPINES must take steps to make remittances more efficient, even as financial technology has improved in the country, money transfer solutions company Ripple said.
MONEY SENT HOME by Filipinos working abroad grew at the fastest clip in three months as this year began, even as the latest amount was less than December’s record-high inflows, according to data the central bank released on Friday.
Electronic payment service provider TrueMoney Philippines has partnered with WorldRemit to launch an international remittance service in the country. Xavier Marzan, TrueMoney Philippines founder and...
OVERSEAS Filipino workers (OFWs) sent more money home in April, clocking the fastest growth in over a year on the back of a weaker peso, the central bank reported on Monday.
DIGITAL REMITTANCE companies have set their sights on expanding their presence in the Philippines, with the country being one of their key markets in...
By Melissa Luz T. Lopez, Senior Reporter THE PHILIPPINES could see its current account return to a modest surplus on the back of expectations that external...
ON AVERAGE, Filipinos take 22 minutes to reach the nearest financial service centers for their transactions. According to data from the first National Baseline...