May Remittances Up 5.5%

Remittances picked up by 5.5% to $2.31 billion in May, a turnaround from April’s 5.9% decline that was attributed to Saudi Arabia’s amnesty program that allows undocumented foreign workers to leave the country without paying penalties. The full-year remittance level is expected to breach a new record-high $28 billion, about four percent more than last year’s $26.9-billion haul. The target is deemed attainable because…

Subscribe via email for complete access to Supreme Consult’s weekly report on political and investment risks in the Philippines.

Advertisements