OFW money may drop, cutting country’s growth

MANILA, Philippines – Money sent home by overseas Filipino workers (OFWs) may drop by as much as a third this year, cutting consumption demand and compromising the country’s growth goals.

Remittances may decline to $11.4 billion for 2009, Citibank said during its Asia-Pacific market analysis held on Thursday. The cited figure is approximately 30 percent lower than 2008’s $16.4 billion.

Read more..

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>