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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.
Philippines: Remittances may shrink 5 percent this year ảnh 1Illustrative image (Photo: Philstar)
Singapore (VNA) - Governor of the Philippine central bank (BSP)Benjamin Diokno has said overseas remittances to the country could shrink 5percent this year because of COVID-19.

Remittances may fall to 28.6 billionUSD from the record 30.7 billion USD last year.

The central bank is closelymonitoring the latest reports from the Philippine Overseas EmploymentAdministration (POEA), the Department of Labour and Employment (DOLE), and theDepartment of Foreign Affairs (DFA) on the deployment, displacement, andrepatriation status of overseas Filipino workers (OFWs).

Earlier, DOLE said more than 1 millionOFWs would be displaced by December 2021 due to the pandemic. Actual data showsthat over 320,000 OFWs had already lost their jobs as of May and the figure isexpected to double to nearly 610,000 by December.

The World Bank has estimated that global remittances will be down 20percent this year. The East Asia and Pacific region is expected to see a 13percent decline, driven mainly by falling inflows fromthe US./.
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