Remittances still fueling spending

Nov 25, 2023 12:25 am

REMITTANCE growth has been slowing but the money being sent home by overseas Filipino workers (OFWs) continues to fuel domestic consumption, Hongkong and Shanghai Bank Corp. Ltd. (HSBC) said.

In a report on Friday, HSBC Global Research noted that with OFW deployment having declined since 2015, the resulting weaker remittance growth could lead to possible adverse impacts on the economy.

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