Gov't sees minimal impact of COVID-19 on remittances

The Philippine government expects overseas Filipino worker (OFW) remittances to reach $34.2 billion in 2020, a growth of 2.2%, despite the impact of the coronavirus outbreak.

Initially, the target was set at $34.5 billion with a growth rate of 3%. The government adjusted its projections due to travel restrictions and economic slowdowns in China and other affected regions.

Cabinet Secretary Karlo Nograles stated that while there will be a minimal effect on remittances, it is still expected to be another record high for OFW remittances.