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.
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.
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.
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.
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.
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.
As governments issue movement restrictions to help curb COVID-19, businesses accelerated their digital transformation which includes, among others, digital payments.