Philippines vulnerable to fall in overseas remittances: Moody’s

The Philippines is vulnerable to a financial shock if cash remittances by masses of Filipinos working abroad dry up due to the global crisis, investment analyst group Moody’s warned on Wednesday.

“If overseas worker remittances decline due to a global recession, the buffer to external financial market pressures, as provided by the current account surplus, could be eliminated,” said Tom Byrne, a Moody’s senior vice president.

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