StanChart expects steady remittance growth
MANILA, Philippines - Standard Chartered Bank said the steady growth in remittances from overseas Filipino workers would be sustained.
Chidu Narayanan, economist for Asia at Standard Chartered Bank, said cash remittances would continue to grow by an average of between three and five percent over the near term.
“We continue to retain our view that while 2017 will likely see a smaller overseas remittances growth, remittances will still continue to grow at average of three to five percent year on year in the Philippines,” he said.
Latest data released by the Bangko Sentral ng Pilipinas (BSP) showed cash remittances grew five percent to a record $26.9 billion last year from $25.61 billion in 2015 on the back of an improving global economy.
The growth was faster than the central bank’s four percent growth target.
“For the full year 2016, overseas remittances rose five percent year-on-year, above expectations.”
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