"Lower remittances" is something we are not used to hearing
"What comes up, must go down" is not a too comforting thing to hear and yet it is happening. to the PSEi. The index fell by 1.27% as reported by The Philippine Daily Inquirer here.
News of good GDP was ignored in the face of news reports that overseas remittances fell to five month low.
Philippine Star reported that: "Money sent home by OFWs fell by 8.3 percent year-on-year to $2.2 billion in September, the central bak reported."
The article further stated that: "The countries that registered the biggest declines in cash remittances in September were Saudi Arabia, followed by Kuwait, Qatar and Australia."
"The BSP noted that reports that a number of global correspondent banks have closed their service facilities on money service business might have “partly” affected remittances flows during the month."
News of good GDP was ignored in the face of news reports that overseas remittances fell to five month low.
Philippine Star reported that: "Money sent home by OFWs fell by 8.3 percent year-on-year to $2.2 billion in September, the central bak reported."
The article further stated that: "The countries that registered the biggest declines in cash remittances in September were Saudi Arabia, followed by Kuwait, Qatar and Australia."
"The BSP noted that reports that a number of global correspondent banks have closed their service facilities on money service business might have “partly” affected remittances flows during the month."
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