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World Bank sees OFW remittances shrinking 4%.
Byline: Michelle V. Remo
THE WORLD BANK SAID THE PHILIPPINES may finally see an end this year to the trend of rising remittances, expecting inflows to decline by 4 percent from the 2008 level because of recession-induced job cuts in advanced economies.
The projection paints a bleaker picture than the governments outlook of a flat growth in remittances this year. However, the World Bank is less pessimistic compared with other private-sector financial institutions expecting remittances to fall by double-digit levels this year.
Last year, remittances reached $16.4 billion, registering a 13.7-percent annual growth. Growth in remittances had been …
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