Drop in Remittances to Hurt Consumption in Philippines

Source: Philstar

A large drop in remittances from overseas workers due to the pandemic-induced global economic slump would hurt consumption in the Philippines and other major recipient countries, according to US-based credit rating agency Moody’s Investor Service.

In a report, Moody’s said that based on World Bank estimates, remittance transfers by migrant workers to their home countries may decline by around 10 percent or $110 billion this year.