Fw Remittances Nevertheless Remaina Bright Spot For The Philippine Economy News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(File photo) MANILA - Domestic growth is seen to be continuously supported by inflows from overseas Filipino workers (OFWs), which remains resilient amidst the repatriation of around 700,000 workers since the pandemic hit in 2020. On Friday, the Bangko Sentral ng Pilipinas (BSP) reported the 5.1 percent year-on-year jump in cash remittances last August to USD2.609 billion and the 5.7 percent increase in the first eight months this year to USD20.38 billion. However, the cash remittance inflows last August are lower than the previous month's USD2.853 billion, which Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort, in a report, said is fine since the latest figures remain one of the highest since the height of the pandemic last year when strict quarantine measures were implemented. "Thus, OFW remittances nevertheless remain a bright spot for the Philippine economy, still among the highest since the pandemic started and still near record highs," he ....

San Carlos , Negros Occidental , Michael Ricafort , Bangko Sentral , Rizal Commercial Banking Corporation , Ile Photo Manila Domestic Growth Is Seen To Be Continuously Supported By Inflows From Overseas Filipino Workers Ofws , Hich Remains Resilient Amidst The Repatriation Of Around 700 , 000 Workers Since The Pandemic Hit In 2020 On Friday , He Bangko Sentral Ng Pilipinas Bsp Reported The 5 1 Percent Year On Jump In Cash Remittances Last August To Usd2 609 Billion And 7 Increase First Eight Months This Usd20 38 However , He Cash Remittance Inflows Last August Are Lower Than The Previous Month 39s Usd2 853 Billion , Hich Rizal Commercial Banking Corporation Rcbc Chief Economist Michael Ricafort , Dana Report , Aid Is Fine Since The Latest Figures Remain One Of Highest Height Pandemic Last Year When Strict Quarantine Measures Were Implemented Quot Thus , Fw Remittances Nevertheless Remaina Bright Spot For The Philippine Economy , Till Among The Highest Since Pandemic Started And Still Near Record Highs , Uot He Said Ricafort Explained That Remittance Inflows Are Seen To Post Further Increases As The Christmas Holiday Nears , A Plus For Consumer Spending , Hich Accounts For Around 70 Percent Of The Economy , Nd The Economic Recovery Further Reopening Of Economies In Ofw Host Countries Is Another Boost To Remittances , Specially In Areas Where There Is Increased Demand For Medical And Economic Front Liners , E Said Quot Sustained Growth In Ofw Remittances Would Add To The Country 39s Balance Of Payments Bop And Gross International Reserves Gir Also Fundamentally Provide Greater Support Cushion Buffer For Peso Exchange Rate Especially Vs Any Speculative Attacks , Uot He Added Pna ,