COVID-19 vaccine rollout seen to benefit PH remittances

An economist forecasts the contraction in remittance inflows to the Philippines to continue before improving amid the rollout of Covid-19 vaccination programs worldwide.

The Bangko Sentral ng Pilipinas reported a 1.7-percent year-on-year decrease of cash remittances from overseas Filipino workers to 2.9 billion dollars in January.

RCBC chief economist Michael Ricafort said the negative turnout of remittances followed the seasonal surge during Christmas and the continued repatriation of OFWs because of the pandemic.

This as some countries continue to experience upticks in Covid-19 infections, he added.

However, Ricafort is optimistic of a recovery of remittances as countries where OFWs work continue to roll out their respective Covid-19 vaccination program.

The rollout, he said, “could help reduce new coronavirus cases and further improve economic recovery prospects that lead to more jobs…for OFWs than otherwise.”

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