Thursday, 29 October 2009

Philippines: Remittances to lose their luster

REMITTANCES from migrant workers will remain a major growth driver in the medium term but could lose significance after, the chief of the Development Bank of the Philippines (DBP) said.

DBP President Reynaldo G. David, speaking at a panel discussion on remittances at an Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) forum, urged the government and businessmen to create more local jobs to offset a likely decline in the cross-border flows.

He asked: "The growth rates will continue in the next six to seven years, but how long will that go on?" Read more

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