BSP Fears Slower Remittance Due to De-Risking and Weak Oil Prices

The Bangko Sentral ng Pilipinas (BSP) said soft remittance flows from overseas Filipinos could persist this year amid various de-risking activities by foreign banks and weak oil prices. It said that the Arab Monetary Fund, the International Monetary Fund (IMF) and the World Bank have documented various cases of de-risking in Middle East jurisdictions, in which financial institutions exit relationships with and close the accounts of clients…

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