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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.

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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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Bangladesh: Remittance Hits Record High in July

Many expats have been sending money as part of their preparation to return home due to joblessness abroad.

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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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Drop in Remittances Raises Credit Risk in Low and Mid-Income Economies

A global drop in remittances by migrant workers due to the coronavirus-induced recession will raise credit risk in countries most dependent on such inflows.

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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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Mastercard Enables Faster Remittances During Pandemic

With Mastercard Cross-Border Services, financial service providers can seamlessly process digital payments leveraging its global network through a single connection, the company said.

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Remittances Dropped by 80 Percent in Yemen

Cash transfers from Yemenis abroad to their country have declined by 80 percent in the first four months of 2020, Oxfam announced on Thursday.

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The Impact of Coronavirus on Foreign Workers

A Q&A with World Bank economist Dilip Ratha on the job losses and travel restrictions affecting migrants around the world.

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Developing World Loses Billions in Money From Migrant Workers

Migrant workers who lost their jobs because of the pandemic’s economic impact are running out of cash to send home, dealing a blow to the fragile economic health of the developing world.