Remittances from overseas Filipino workers (OFWs) are expected to post a moderate growth in 2008 despite a global economic slowdown, according to the Bangko Sentral ng Pilipinas.
Nestor Espenilla Jr., the central bank’s deputy governor, said Tuesday the remittances coursed through banks are expected to grow by 15 percent this year to $16.6 billion.
This forecast is higher than the 11-percent growth amounting to $16 billion that was expected for 2008.
But it is lower than the 18.2-percent rise, or $9.6 billion, recorded as of end-July 2008. [Read more]
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