BSP: 2009 remittances unlikely to fall

Published by rudy Date posted on April 28, 2009

MANILA–Remittances from Filipinos working and living overseas, a key pillar of the Philippine economy, are unlikely to decline this year, central bank deputy governor Diwa Guinigundo said on Tuesday.

The comment suggests remittance would be at least in line with the record 2008 level of $16.4 billion.

Guinigundo said Filipinos continue to land jobs abroad, particularly in the Middle East, but he said the government would have a better grasp of the overseas labor market by the second half this year.

The World Bank said last month it expects remittance flows to developing countries to fall between 5 percent and 8 percent this year, compared to estimated 8.8 percent growth in 2008, citing the uncertainty over the duration and depth of the global financial crisis.–Reuters

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