Remittances from overseas Filipino workers (OFWs) is set to grow by 8 per cent in 2010, higher than initially forecast by the Bangko Sentral ng Pilipinas’ (BSP) of 6 per cent, according to Moody’s Investors Service.
Bangko Sentral ng Pilipinas building in Manila. Photo credit: http://www.flickr.com/photos/10251660@N05/
The main reason for the revised remittance output is because the shift to higher paying occupations, such as those in health care sector. The shift from lower-wage occupations like those in construction, the credit rating firm said is one of the reasons for the resilience in remittances during the crisis last year.
“Such positions [in the healthcare industry] typically feature greater job security than lower-wage occupations,” Moody’s said.
OFW remittances defied expectations at the onset of the crisis of a large fall by recording full-year growth of 5.6 percent last year.
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