Philippines: OFW remittances to slow down in 2008

By DES FERRIOLS
The Philippine Star

Remittances from overseas Filipino workers are projected to grow by a slower five percent next year due to a drop in the number of overseas deployment this year.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. told reporters that OFW remittances that pass through banks are expected to grow by only five percent in 2008.

For this year, total remittances are expected to hit $14 billion, a notable 9.3-percent growth from the $12.8-billion inflows recorded in 2006.
Tetangco, however, said the five-percent growth projection is still subject to periodic review and could still change depending on emerging trends of workers’ deployment later in the year. [Read more]