‘Current account gap filled by remittances’

Quick Summary:

BILLIONS worth of remittance inflows sent by Filipinos overseas to their families in the Philippines have helped plug the country’s current account deficit in the past decade.

The analysts said based on IMF’s estimates, growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025.

They added that OFW remittances trended upward for this period, except in 2020, when remittances declined by 0.8 percent as a result of the Covid-19 pandemic.

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Article Details

Author / Journalist: Cai U. Ordinario

Category: BusinessStartups

Markets: PhilippinesUnited States

Topics: Guinigundo Current Analysts Remittances Remittance 2023 Account Mañalac Percent Country’s Billion

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-27 @ 17:36:28 (5 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 543 words

Reading Time: 4 minutes read

Sentences: 23 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 22284879

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