OFW remittance growth seen slowing this year

The inflow of remittances from overseas Filipino workers (OFWs) will likely slow to a four-percent growth this year, from an expected 16 percent last year, due to the lingering impact of the global financial crisis, the World Bank said in a report.

The financial institution said remittance growth, although lower, will be driven mainly by remittances from OFWs employed in recession-proof industries and areas.

“Downside risk to that projection is significant and would have important implication for the economy. In particular, if the global economic slowdown is more protracted than expected, the likelihood of cuts in OFWs increases,” the World Bank said in its quarterly update released yesterday.

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