REMITTANCES from Filipinos working abroad will probably grow by 5.5% this year despite the global economic crisis, buoying the struggling economy, a Reuters poll showed.
The median forecast from 10 economists was a sharp reversal from a 0.5% contraction predicted in July and a 5% fall forecast in May.
It was also higher than the Bangko Sentral ng Pilipinas’ (BSP) latest estimate.
BSP governor Amando M. Tetangco, Jr. told Reuters on Monday that remittances could grow by 2-3% this year, higher than a previous forecast of flat growth from 2008’s record $16.4 billion, due to a sustained rise in the number of Filipinos working overseas.
Remittances have continued to grow through the global economic crisis, which resulted in massive job losses and wage freezes worldwide.
Remittances totalled $9.97 billion in the seven months to July, up 3.8% from the same year-ago period.
All 10 analysts predicted stronger growth this year, far better than the July survey in which half of 10 analysts expected inflows to contract between 1% to 10.4%.
Remittances from overseas workers are the equivalent of a tenth of gross domestic product and are a pillar of domestic spending. About a tenth of the country’s 92 million population live and work abroad. — Reuters
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