Contrary to the Bangko Sentral ng Pilipinas’ (BSP) forecast, remittances from overseas Filipino workers (OFWs) will post flat growth this year due to the weak global economy, according to JP Morgan.
“We expect remittances to see flat growth in 2009 on the back of the very weak global economic backdrop. Nonetheless, we do not expect remittances to contract due to diversified base of overseas workers that are increasingly employed in service/professional industries,” the US investment bank said in its latest report.
JP Morgan said about 65 percent of OFW deployed in the past decade were in service or professional industries that are less economically sensitive and so more resilient with the global downturn. Read more
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