Amid the global outbreak of the coronavirus, Cabinet Secretary Karlo Nograles said the government has decided to adjust the 2020 growth target in OFW remittances to US$ 34.2 billion from $34.5 billion.
“We expect that the COVID-19 outbreak could dampen our total cash remittance growth in 2020 by 0.8 percentage points, from 3 percent to 2.2 percent,” he said in a Palace press briefing Monday. He noted that the revised growth rate this year would still “breach another record high” in OFW remittances. In terms of remittances, China accounts for 0.1 percent of total OFW remittances, while Macau and Hong Kong account for 0.4 percent and 2.7 percent, respectively.
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