The Bangko Sentral ng Pilipinas downgrades remittance growth for the year once more, as the coronavirus pandemic continues to cost people their lives and livelihoods.
- The Bangko Sentral ng Pilipinas expects even slower growth in remittances or money sent home by Filipinos abroad this year as the coronavirus pandemic continues to cost people their lives and livelihoods.
The BSP previously cut the remittance growth target to a range of 2.2 percent to 2.8 percent, or an average of 2.5 percent for 2020 from the initial 3.0 percent growth goal. "The higher bound, 2.0 percent contraction, assumes there is fiscal stimulus," Diokno said."It also assumes that some 156,000 OFWs will lose jobs and that foregone remittances amount to ₱18 billion."
The spike in remittances seen in January is considered seasonal, as those working abroad send more money to fund the celebrations and presents for their family and relatives during Christmas and New Year.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DOH launches COVID-19 monitoring app to limit errors in data tallyResponding to experts pointing out flaws in its records, the Department of Health is taking steps with the help of a partner company to improve its COVID-19 data gathering system with a new digital app for frontliners.
Read more »
Gullas wants Talisay City under ECQ after COVID-19 hits densely populated area in cityCEBU CITY, Philippines -- A 37-year-old resident of Barangay Tangke in Talisay City has become a cause of concern for its city government after she proved positive of the Coronavirus Disease 2019
Read more »
2 health workers among 20 new COVID-19 cases in CebuTwo health workers who reside in Cebu province are among the 20 new cases of COVID-19 recorded in Cebu on Wednesday, May 13, 2020.
Read more »
Three men die after drinking ‘alcoholic concoction’ amid COVID-19 liquor banThree men died after drinking an alleged concoction of an “alcoholic” drink using several chemicals, amid the liquor ban placed in India due to the COVID-19 pandemic, as per several reports. | IBiongINQ
Read more »
5 Metro mayors, LGUs cited for high approval rating amid COVID-19 pandemicMANILA, Philippines – Five local executives and local government units (LGUs) were cited by a polling firm for having a high approval rating among their constituents in the midst of the COVID-19
Read more »
Caraga region, wala nang kaso ng COVID-19 matapos gumaling ang 3 pasyente
Read more »