Remittances seen shrinking by 7% this year

Australia and New Zealand Bank sees remittances from overseas Filipino workers contracting by seven percent this year amid the massive displacements arising from the impact of the coronavirus disease 2019 or COVID-19 pandemic on the global economy......»»

Category: financeSource: philstar philstarOct 17th, 2020

BSP: Remittances likely to drop 5% at most

Bangko Sentral ng Pilipinas Governor Benjamin Diokno dismissed the projections of some analysts that remittances will contract this year by up to 20 percent because of the impact of the world health crisis to the global economy......»»

Category: financeSource:  thestandardRelated NewsOct 16th, 2020

Remittances fell 4.1% to $2.48b in August & mdash; BSP

Cash remittances from Filipinos working overseas declined 4.1 percent in August to $2.48 billion from $2.589 billion a year ago, on lower inflows from both the land-based and sea-based workers amid the prolonged impact of the COVID-19 pandemic, the Bangko Sentral ng Pilipinas said Thursday......»»

Category: financeSource:  thestandardRelated NewsOct 16th, 2020

Xinhua world news summary at 0600 GMT, Oct. 15

MANILA -- Personal remittances from overseas Filipinos in August 2020 declined year-on-year by 4.2 percent to 2.756 billion U.S. dollars from 2.875 billion U.S. dollars recorded in August 2019, the.....»»

Category: newsSource:  philippinetimesRelated NewsOct 15th, 2020

Remittances snap fragile recovery to fall anew in August

In a sign that a corner is yet to be turned, cash remittances coursed through banks by Filipinos abroad declined 4.1% year-on-year in August to $2.48 billion......»»

Category: financeSource:  philstarRelated NewsOct 15th, 2020

OFW remittances dropped 4.2 percent in August

Cash remittances from Filipinos working overseas declined by 4.1 percent in August to $2.483 billion from $2.589 billion in the same month last year after the government placed Metro Manila and other areas under the moderate enhanced community quarantine status......»»

Category: financeSource:  thestandardRelated NewsOct 15th, 2020

Philippines higher dollar stock this year is not entirely good news

Overseas remittances would drop slower and so do foreign investments, but imports would implode......»»

Category: newsSource:  philstarRelated NewsOct 14th, 2020

Covid-19 to drag remittances; BPOs seen to weather crisis

Analysts believe the Covid-19 pandemic will continue to negatively affect overseas Filipino worker (OFW) remittances but expect the business process outsourcing (BPO) industry — another major dollar source — to weather the crisis. Ateneo de Manila University economist Alvin Ang forecasts remittances to fall by about $3 billion to $6 billion this year if an […].....»»

Category: newsSource:  manilatimes_netRelated NewsOct 13th, 2020

Multilaterals, credit raters: PH economy to rebound in 2021

Global financial bodies and credit rating agencies expect the Philippine economy to recover in 2021 following the careful resumption of business activities this year, but the Covid-19 crisis keeps this far from certain. Multilateral institutions see domestic output shrinking by between 1.9 percent and 7.3 percent this year before bouncing back. The International Monetary Fund […].....»»

Category: newsSource:  manilatimes_netRelated NewsOct 13th, 2020

Sun Life sees GDP shrinking by 6.5% in 2020

Insurance giant Sun Life of Canada Inc. expects the country’s economy to contract by 6.5 percent this 2020, before following a U-shaped recovery by next year......»»

Category: financeSource:  philstarRelated NewsSep 19th, 2020

Remittances increased 7.8% in July & mdash; BSP

Money sent home by Filipinos working overseas rose for a second straight month, growing by 7.8 percent in July to $2.783 billion from $2.581 billion a year ago, the Bangko Sentral ng Pilipinas said Tuesday......»»

Category: financeSource:  thestandardRelated NewsSep 15th, 2020

Philippine remittances grow by 7.6 pct in July 2020

MANILA, Sept. 15 (Xinhua) -- Personal remittances from overseas Filipinos (OFs) grew for the second consecutive month, increasing by 7.6 percent year-on-year to 3.085 billion U.S. dollars in July 2.....»»

Category: newsSource:  philippinetimesRelated NewsSep 15th, 2020

Pandemic damage seen worse in Philippines than most peers

The Manila-based lender now see the local economy shrinking 7.3% year-on-year in 2020, worse than June’s projected 3.8% contraction and April’s optimistic forecast of 2% growth......»»

Category: newsSource:  philstarRelated NewsSep 15th, 2020

Forex reserves to exceed $100 billion

The country’s foreign exchange buffer may breach $100 billion this year with the impending rebound in exports, remittances from overseas Filipino workers and investments amid the gradual reopening of the global economy, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsSep 11th, 2020

PSC vows no job layoffs despite financial woes amid pandemic

While unemployment has risen to an alarming rate amid the coronavirus (COVID-19) pandemic, the Philippine Sports Commission assured its employees that there will no layoffs in the agency. Appearing on Tuesday’s online session of the Philippine Sportswriters Association (PSA) Forum, chairman William ‘Butch’ Ramirez said that despite a meager budget with nothing more to spare, the PSC will continue to carry out its day-to-day operations. Even under these very difficult times, the PSC puts priority on the welfare of its workers Ramirez stressed.   “Even before COVID, we have communicated with Malacanang that we will let go of some contractual employees,” said Ramirez, adding that it would have taken effect on Aug. 31. But the global pandemic made the PSC change its mind. “We in the PSC board made a collective decision that it will not happen. We will not remove anyone from the PSC unless there is cause. We are in very difficult times,” said Ramirez. The PSC has 250 regular employees and more than 250 contractuals. “Sa kahirapan ngayon, ano ang kakainin nila?” said Ramirez, currently staying with his wife at the athletes’ quarters at the PhilSports Complex (formerly ULTRA) in Pasig City. The agency months ago implemented belt-tightening measures, including a 50 percent ‘equity reduction’ on the allowances of the national athletes and coaches. But despite the financial difficulties, athletes and coaches continue to receive their allowances, and can expect to get their regular stipends once the situation improves or when the Philippine Amusement and Gaming Corporation (PAGCOR) resumes its monthly remittances of close to P100 million to the PSC. Ramirez also added government sports agency is thinking beyond sports, and talked about “fortitude and sacrifice" during the Forum presented by San Miguel Corp., Go For Gold, Milo, PAGCOR, Amelie Hotel Manila, Braska Restaurant, and powered by Smart, with Upstream Media as official webcast partner. At the height of the lockdown, the national government channeled P1 billion of PSC money for COVID-19 purposes. The PSC has also allowed the use of its facilities like the Rizal Coliseum and Ninoy Aquino Stadium in the fight against the deadly virus. The PSC has also donated 350 beds and close to 500 laptops that were used during last year’s Southeast East Asian Games to various government offices during the pandemic. “The PSC is not only focused on sports now. We are adapting to the new environment,” said Ramirez......»»

Category: sportsSource:  abscbnRelated NewsAug 18th, 2020

Cash remittances dip 6.4% in January-May

The central bank said cash remittances or transfers via the banking system has declined by 6.4 percent year-on-year in the first five months of the year to $11.554 billion from $12.349 billion.  “The decline in cash remittances was due to the negative effects of the continued limited operating hours of some banks and institutions that provide money transfer services during the lockdown and the repatriation of many OFWs (Overseas Filipino Workers) in March 2020,” said the Bangko Sentral ng Pilipinas (BSP) in a statement Monday. The cash remittances of land-based overseas Filipinos dropped 7.2 percent to $8.965 billion compared to same time last year of $9.664 billion. The remittances of sea-based workers also dipped 3.6 percent to $2.589 billion from $2.684 billion.  “By country source, the US registered the highest share to total overseas Filipinos remittances at 39.4 percent for January–May. It was followed by Singapore, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, Canada, Hongkong, Qatar, and Taiwan,” the BSP said. “The combined remittances from these countries accounted for 78.8 percent of total cash remittances.” For the month of May only, remittances sent through the banks decreased by 19.3 percent to $2.106 billion compared to $2.609 billion same time in 2019. Also for the month of May, personal remittances fell by 19.2 percent to $2.341 billion versus $2.896 billion in May 2019. Personal remittances from land-based workers with work contracts of one year or more slipped by 21.2 percent to $1.77 billion in May from $2.24 billion. Sea-based workers and land-based workers with work contracts of less than one year also declined by 12.4 percent to $519 million from $592 million in 2019. According to the BSP, “this is the third consecutive month that personal remittances posted year-on-year contraction amid the adverse effects of the COVID-19 pandemic on global economic activity, travel, and employment, resulting in the repatriation or deferment of employment of many OFWs.” For the cumulative January-May, personal remittances went down by 6.4 percent year-on-year to $12.835 billion from $13.707 billion. Personal remittances as defined by the BSP, is the “sum of net compensation of employees, personal transfers and capital transfers between households.” For 2020, the BSP expects cash remittances to contract by five percent and end up with $28.6 billion and then recover next year, bouncing back to a four percent growth to $29.8 billion. Last year, cash remittances reached $30.133 billion or up 4.1 percent from 2018, while personal remittances grew by 3.9 percent year-on-year to $33.467 billion......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Remittances sink deeper in May

Cash inflows from migrant workers dropped 19.3% year-on-year, the worst performance since January 2001......»»

Category: newsSource:  philstarRelated NewsAug 3rd, 2020

Coronavirus sinks Philippines remittance lifeline to 19-year low

BSP projects remittances, a key driver of consumption and economic activity, will contract 5% this year. As of April, inflows were down 3%......»»

Category: newsSource:  philstarRelated NewsJul 16th, 2020

Remittances tumbled to 4-year low in April

Money sent home by Filipinos working overseas tumbled 16.2 percent in April from a year ago, as many countries imposed border restrictions and sent home thousands of migrant workers and cruise ship crew amid the coronavirus pandemic......»»

Category: financeSource:  thestandardRelated NewsJul 15th, 2020

Sharper drop reveals remittances meet their match in coronavirus

Cash remittances are set for a deeper dive, while earnings from business process outsourcing sector are seen to sustain growth this year......»»

Category: newsSource:  philstarRelated NewsJun 11th, 2020

Peso strengthening to P49.50 seen this year

Growing optimism on the reopening of economies worldwide could help the Philippine peso strengthen to as high as P49.50 against the US dollar this year, but anticipated lower remittances from overseas Filipinos and the resumption of state infrastructure projects could drag it to as low as P52:$1. This is according to Rizal Commercial Banking Corp. […].....»»

Category: newsSource:  manilatimes_netRelated NewsJun 9th, 2020