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Author Topic: Expecting Covid-19 to Pull Back 13% of Philippines Money  (Read 721 times)

voh

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World Bank expects the poisonous Covid-19. Pulling money back to the Philippines, down 13% this year.

The World Bank (World Bank) estimates that the repatriation of Filipinos will drop about 13% this year due to the economic impact of the outbreak of the Covid-19 virus.

World Bank's financial economist Dilip Ratah revealed that Global employment that collapsed due to the outbreak of the Covid-19 virus is currently affecting the money sent back to overseas workers. The money flow is as high as 60 billion dollars a year. And is considered an important income to help support the economies of many developing countries

For the money that the Filipino workers in foreign countries send back to that country. Had a record high of $ 31.1 billion last year. Or about 10% of the gross domestic product (GDP) in the Philippines

The Philippine Central Bank's Governor Benjamin Di Ocho said today. The global economy collapsed into recession. Causing the tourism industry, trade, foreign investment And sending money back to the Philippines Likely to shrink too.



 

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