By DES FERRIOLS
The Philippine Star
The Bangko Sentral ng Pilipinas (BSP) said Monday that remittances from overseas Filipinos would grow by only five percent to $15.435 billion next year compared with $14.7 billion this year.
The slowdown in remittances was the expected result of the steady decline in the deployment of workers abroad as global economy also slows down in the wake of an anticipated economic recession in the US.
BSP Governor Amando Tetangco Jr. reported the 2008 estimate before the Senate Monday, scaling down the growth projection next year against this year’s 10 percent projected grown in remittances from overseas Filipino workers (OFWs). [Read more]
The remittance industry is showing signs of slowdown. This year is more important beacuse not only are the OFWs facing problems in remitting money back home, they have also begun protesting against the Philippine government which has promised to take corrective measures. The initiatives like the "no remittance day" are going to maximise the dissent that the OFWs are experiencing at the moment. My blog-
ReplyDeletehttp://onlineremit.blogspot.com/
is dedicated towards addressing this problem and finding probable solutions.