Tuesday 6 January 2009

Philippines: 2009 remittance growth to slow down to as low as 6% - BSP

By Des Ferriols Updated January 07, 2009 12:00 AM

The growth in remittances from overseas Filipinos will slow down to as low as six percent in 2009 as the global economy verges on recession, cutting down trade and income in developed countries.

This is the first time since the early 1970s that remittances from overseas Filipinos would grow at single-digit levels since the government started promoting the large-scale export of labor that could not be absorbed by the domestic economy.

Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said the latest projections indicated a slowdown in the growth of remittances from six to nine percent this year from the average 13.5 percent in 2008. Read more

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