By Doris Dumlao
Philippine Daily Inquirer
First Posted 01:18:00 07/29/2008
Cash remittances from overseas Filipinos are expected to continue their double-digit growth trend in the next few years, New York-based think tank GlobalSource said.
“We can reasonably expect remittances to continue growing robustly in the future,” GlobalSource said in its latest monthly report. “Our forecast for the annual change in these flows this year is 10 percent, or even higher. Based on recent trends, the rate is unlikely to fall far below the 13.2-percent growth registered in 2007, and may even reach government’s expectation of about 14 percent.”
The report, written by Filipino economists Romeo Bernardo and Margarita Gonzales, cited several factors that would support the growth in remittance flows, which in turn would help the Philippines register foreign exchange surpluses even amid soaring oil prices and a slackening global economy. [Read more]
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