BSP expects even slower remittance growth due to COVID-19 crisis

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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.


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