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Economic Research

How Far Will Remittances to the Philippines Fall in 2009?

Remittances may contract in 2009, according to a model based on the expected income of overseas Filipino workers (OFWs) around the world, with adjustments made by industry and by country for the employment outlook of OFWs, the estimated share of income remitted, the composition of deployment, and the annual growth rate of deployment and wages. Our baseline scenario is -6.17% annual growth in remittances in 2009. Remittances will total only $15.4 billion compared with last year’s $16.4 billion. This would be a marked[...]

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