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Remittance outlook remains bleak amid pandemic

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.

PHL, Bangladesh most vulnerable to remittance slump — Fitch

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.

Remittance decline seen weakening consumer spending, demand — Diokno

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.

Evidence mounting for remittance collapse as repatriations top 100,000

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.

PHL remittance-decline forecast revised to 15% from 10% — IIF

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.

April remittance contraction hits 19-year record

Money sent home by Filipinos overseas continued to dwindle for the second straight month in April — the biggest drop in almost two decades — as many of them lost their jobs amid a global coronavirus pandemic.

Remittance decline due to COVID-19 seen much worse than in 2007-09...

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.

Remittance growth slows in February

MONEY sent home by overseas Filipino workers saw slower growth in February, as the coronavirus outbreak began to spread around the world.

OFWs in essential jobs seen mitigating remittance drop

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.

Remittance growth seen slowing as virus spreads

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).

BSP cuts outlook for remittance growth to 2%

GROWTH in cash remittances from Overseas Filipino Workers (OFWs) is likely to slow to 2% in 2020 as the coronavirus disease 2019 (COVID-19) outbreak...

Utility payments, remittance transactions still done manually despite digital platforms

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.

Reliance on OFW remittances grows

LOW-INCOME Filipino migrants send remittances that are more than twice the monthly household income their families earn at home, a study found, causing their beneficiaries to have a tendency to “over-depend” on them.

PHL urged to use fintech to lower remittance costs

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.

Cash remittances, a key economic support, off to strong start

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.

Gender gap in remittance senders narrows

THE GENDER GAP among senders of remittances to the Philippines narrowed in the last four years, even as female overseas Filipino workers (OFW) tend to earn less than males, a study commissioned by WorldRemit showed.

Remitting money through the Blockchain

Sending money becomes faster, more secure on the blockchain.

E-payments firm TrueMoney ties up with WorldRemit for remittance service

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...

April remittances post fastest growth in over a year

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.

Remittance growth slows in February

Overseas Filipino workers (OFWs) sent more money home in February although at a slower pace from the previous month, the central bank reported on...

Remittance increase slows in November

By Melissa Luz T. Lopez Senior Reporter CASH REMITTANCES increased annually for a second straight month in November last year but at a slower pace, the...

OFW remittance growth may have slowed in Nov.

By Melissa Luz T. Lopez, Senior Reporter REMITTANCES from overseas Filipino workers (OFWs) likely grew at a slower pace in November ahead of an expected...

Digital remittance firms looking to expand PHL presence

DIGITAL REMITTANCE companies have set their sights on expanding their presence in the Philippines, with the country being one of their key markets in...

Remittances rise to $2.27B in October

By Melissa Luz T. Lopez, Senior Reporter CASH remittances recovered in October to a two-month high, the central bank reported on Friday, as overseas Filipino...

Sept. remittances smaller; year-to-date flows up

By Melissa Luz T. Lopez Senior Reporter MONEY SENT HOME by Filipinos abroad dropped in September to a five-month low as Saudi Arabia sent more overseas...

Duterte puts security risks front and center

PRESIDENT Rodrigo R. Duterte, representing the chair this year of the Association of Southeast Asian Nations (ASEAN), yesterday set the stage for the bloc’s...

Western Union expands network

By Melissa Luz T. Lopez, Senior Reporter WESTERN UNION has broadened its retail expansion through branches of LBC Express, Inc., as the global money transfer firm rides...

Current account to end in surplus on recovery of exports, imports

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...

Postbank conversion up for President’s OK

THE CONVERSION of the state-run Philippine Postal Savings Bank (Postbank) to a bank specialized for overseas Filipinos is currently awaiting the President’s approval, the...

July remittances rise fastest in four months

MONEY SENT HOME in July by overseas Filipino workers (OFWs) increased by their fastest pace in four months, the Bangko Sental ng Pilipinas (BSP)...

A remittance campaign champions sari-sari store owners

ON AVERAGE, Filipinos take 22 minutes to reach the nearest financial service centers for their transactions. According to data from the first National Baseline...

Remittances top 2015 goal

MONEY SENT HOME by overseas Filipino workers (OFWs) rose to a record-high level in December that brought the full-year total well above a downward-revised...