Philippines may lose 4.5 billion USD remittances to COVID-19: insider
The Philippines is likely to lose about 228 billion PHP (4.5 billion USD) this year in remittances from about 10 million overseas Filipino workers (OFWs) due to the COVID-19 pandemic.
Hanoi (VNA) - The Philippines is likely to lose about 228 billion PHP (4.5 billion USD) this year in remittances from about 10 million overseas Filipino workers (OFWs) due to the COVID-19 pandemic.
Head of the ACTS-OFW Coalition of Organisations Aniceto Bertiz III said on account of the severe global economic devastation, it now projects total remittances to reach only 27 billion USD this year, from 30 billion USD in 2019.
Without the pandemic, the Philippines would have expected the aggregate incoming cash transfers from Filipinos overseas to grow by 1.5 billion USD this year, he added.
Bertiz said migrant Filipino workers around the world in the following sectors of shipping and shipping-related support services; aviation and aviation-related support services, are bearing the brunt of the economic destruction and job losses.
Those working in travel and tour operations; hotels, resorts and restaurants; gaming; and oil, gas and energy exploration and development, are in the same predicament.
The collapse of crude oil prices is foreseen dampening to a large extent the demand for Filipino workers, from engineers to construction workers, Bertiz added.
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Total infections in the country stood at 6,459, with 428 fatalities./.
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Illustrative image (Photo: Xinhua/VNA)
