Economists say the planned ‘zero-remittance week’ among overseas Filipino workers from March 28 to April 4, will hit their families in the Philippines the hardest.
Full story: https://www.rappler.com/business/economists-say-families-ofw-hardest-hit-zero-remittance-week/
Full story: https://www.rappler.com/business/economists-say-families-ofw-hardest-hit-zero-remittance-week/
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00:00Economists say the Plan Zero Remittance Week among overseas Filipino workers from March
00:0628 to April 4 will hit their families in the Philippines the hardest.
00:10This, after some OFWs urged fellow Filipinos abroad to protest the international criminal
00:16court arrest of former President Rodrigo Duterte for his bloody drug war.
00:20Bank of the Philippine Islands' lead economist Jun Neri says the protest could impact the
00:24country's economic growth due to its effects on household spending.
00:29Neri believes this will widen the Philippines' negative current accounts position, government
00:33reserves, and interest rates.
00:35A country's current account covers trade in goods, services, primary income, which
00:40includes OFW remittances, and secondary income.
00:43OFW families are expected to be the most affected since they have to cut corners in their daily
00:48expenses if interest and foreign exchange rates rise.
00:52Meantime, IBAN Foundation Executive Director Sonny Africa believes the proposed ban is
00:57all bluster in optics, saying unsent remittances will eventually be sent.