09-DEC-2008 Intellasia | Reuters
Dec 9, 2008 - 7:00:00 AM
Growth in remittances from the Philippines' overseas-based workers, a key driver of consumer spending, may ease to as low as 6% in 2009 from 10-11% this year as the global economic crisis bites, documents from the central bank showed on Sunday.
The remittances, about a tenth of the Southeast Asian nation's gross domestic product, are estimated to grow between 6 and 10% in 2009 from a projected US$16 billion this year, according to preliminary estimates from the central bank.
The central bank had forecast remittances, sent through banks, to rise up to 11% this year from US$14.45 billion in 2007. Including those through informal channels, remittances could reach as much as US$16.6 billion in 2008, according to the documents. Read more
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