COVID-19 Drag to Remittance Growth

The global coronavirus outbreak would affect remittances from overseas Filipino workers this year amid travel bans and restrictions, economists said.

Jun Trinidad, economist at Philippine National Bank, said COVID-19 raises complications as travel ban or restrictions obstruct overseas job placements in the first half.

Trinidad said deployment of OFWs in the Asian labor markets would be affected in the first half of the year, while raising the possibility of returning Filipino workers in countries affected by COVID-19.

Latest data from the Bangko Sentral ng Pilipinas showed personal remittances, consisting of cash and non-cash items that flow through both formal or via electronic wire and informal channels such as money or goods carried across borders increased by 3.9 percent in 2019 to a record high of 33.47 billion dollars from 32.21 billion dollars the year before.

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