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Overseas Filipino Worker Remittances May Drop by $5 Billion This Year
Source: Philstar
Remittances from overseas Filipino workers (OFWs) may drop by $5 billion this year as emerging markets, including the Philippines, face numerous challenges brought about by the coronavirus pandemic, according to Metropolitan Bank & Trust Co. (Metrobank).
Pauline Revillas, research analyst at Metrobank, said the weak global demand, lower foreign direct investments and portfolio outflows may result in a sustained drop in remittances.
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