Philippine remittances could slow

Could the Philippines remittance bonanza be about to hit a wall? Most of the success as the Arroyo government has achieved in terms of economic growth can be attributed to the remarkable rise in overseas remittances over the past five years. Now totaling about $15 billion a year they have underpinned successive years of consumer-driven growth even while investment has remained weak. By strengthening the peso they have contributed hugely to lowering the cost of servicing government foreign debt and held down inflation.

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