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.

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