Growth in remittances seen at 3% in ‘09

Impact of job losses, wage cuts, says Citi.

Citigroup said it was expecting foreign exchange remittances to the Philippines to grow by only 3.0 percent this year because of the adverse impact of job losses and wage cuts overseas.

Last year’s remittances from overseas Filipinos through banks amounted to $16.4 billion, up 13.7 percent from 2007, according to central bank data.

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