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News

Overseas Filipino Worker Remittances May Drop by $5 Billion This Year

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks declined by 6.4 percent to $11.55 billion from January to May compared to $12.35 billion in the same period last year.

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Asia-Pacific May See $31.4-54.3 BN Remittance Losses Due to COVID-19: ADB

Asia Pacific, which accounts for a third of the global migrant workforce, is likely to face remittance losses of $31.4-54.3 billion due to the coronavirus pandemic, the Asian Development Bank (ADB) said in a report.

News

IFC Loans to Vietnam Prosperity Bank and Oriental Bank to Boost Finance for Local Businesses Amid COVID-19, Support Economic Recovery

The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.

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SME Bank and ARDB Disburse $63M in Loans

Ministry of Economy and Finance undersecretary of state Ros Seilava told a news conference that the economic crisis instigated by COVID-19 had been the primary trigger for the emergency SME lending endeavours.

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Singapore Plans Year-End Fintech Event Amid Virus Restrictions

Singapore is planning an online and physical fintech festival amid the spread of the coronavirus across the globe.

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Drop in Remittances to Hurt Consumption in Philippines

Moody’s said the fall in remittances could further widen the current account deficit of the Philippines and other countries.

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Western Union Expands Presence in the Philippines With Tie Up

This tie up highlights Western Union’s efforts to strengthen presence in the Philippines, which has been recognized as the fourth-largest remittance recipient country in 2019 according to the World Bank.

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COVID-19 Impact: Digital Payments Soar in Philippines

Payment platform GCash witnessed a sharp increase in the number of registered users since mid-March.

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United Nations Federal Credit Union Partners With Thunes for Mobile Money Transfers

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.

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Global Data Says COVID-19 Accelerates Shift to Digital Payments in the Asia-Pacific

As governments issue movement restrictions to help curb COVID-19, businesses accelerated their digital transformation which includes, among others, digital payments.