April 24, 2020 / 3:05 AM / a month ago

Philippines c.bank expects remittances to decline this year

MANILA, April 24 (Reuters) - Money sent home by Filipinos working and living abroad is likely to decline this year from the last, the Philippine central bank said on Friday, a discouraging sign for the consumption-driven economy.

Illuminada Sicat, assistant governor of the Bangko Sentral ng Pilipinas, said growth in remittances could contract by 0.2 to 0.8 percentage points this year, as the coronavirus pandemic hits global growth, trade and tourism.

Remittances, a key driver of domestic demand, rose 4.1% in 2019 to a record high of $30.1 billion from $28.9 billion in the previous year. (Reporting by Karen Lema and Neil Jerome Morales; Editing by Clarence Fernandez)

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