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OFW remittances to the Philippines to fall in 2009

NEW YORKRGE Monitor, an independent financial and economic monitoring company based in New York, recently released its analysis and 2009 forecast on remittances from overseas Filipino workers (OFWs).

In its most likely scenario, remittances this 2009 will total only $15.4 billion compared to 2008’s $16.4 billion, a contraction of -6.17%. This is a marked turnaround from the significant +13.7% growth rate (or $1.97 billion) experienced in 2008 and the end of a multi-year of double-digit growth rates. Best-case scenario is pegged at zero-growth while the worst-case scenario is seen at a -11% decrease in remittances.

Badly affected would be remittances coming from the U.S. as OFWs based there contribute 48% of total remittances to the Philippines. Canada comes in third at 8% after Saudi Arabia with an 8.5% contribution.

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