Daily News

SP: Remittance drop to further slash GDP

The projected 5% decline in overseas Filipino workers’ remittances may further slash the country’s economic output by 0.4% this year, according to the Bangko Sentral ng Pilipinas (BSP) or the central bank. BSP Governor Benjamin Diokno said monetary authorities lowered their growth forecast for OFW remittances to 2% from 3% due to the coronavirus disease 2019 or COVID-19 pandemic. With the displacement of more OFWs in host countries due to the coronavirus outbreak, Governor Diokno said the BSP now expects remittances to contract by 5% and pull down the country’s gross domestic product (GDP).