Diaspora Journey takes you to the world of millions of people on the move. It contains news, articles, studies, and stories from various sources about the everyday life of diasporas. It also includes topics and discussions related to migration, development, remittances and microfinance.
Thursday, 1 January 2009
PHILIPPINES: ING sees little remittance growth in ’09
Philippine Daily Inquirer First Posted 01:43:00 01/02/2009
Foreign exchange sent home by overseas Filipino workers (OFWs) are likely to slow down significantly to a 3.0-4.0 percent growth this year because of the weakening global economy, according to projections of the Dutch financial giant ING.
Remittances coursed through the banking system have exceeded $1 billion every month since May 2006, and the central bank expects a 13-percent growth this year.
ING economist Jose Mario Cuyegkeng, in a presentation to the Fund Managers Association of the Philippines, said, “Regression analysis reveals that for every one-percentage-point cut in US growth, Philippine OFW remittance growth is cut by 0.9 percentage point.” Read more