{"id":70693,"date":"2016-02-16T04:38:25","date_gmt":"2016-02-16T09:38:25","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=70693"},"modified":"2016-02-16T04:38:25","modified_gmt":"2016-02-16T09:38:25","slug":"ing-economist-says-outsourcing-revenues-to-still-support-structural-inflows-to-phl","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2016\/02\/16\/ing-economist-says-outsourcing-revenues-to-still-support-structural-inflows-to-phl\/","title":{"rendered":"ING economist says outsourcing revenues to still support structural inflows to PHL"},"content":{"rendered":"<figure id=\"attachment_59946\" aria-describedby=\"caption-attachment-59946\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/08\/shutterstock_89758564.jpg\" rel=\"attachment wp-att-59946\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-59946\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/08\/shutterstock_89758564.jpg\" alt=\"(ShutterStock image)\" width=\"1000\" height=\"669\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/08\/shutterstock_89758564.jpg 1000w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2015\/08\/shutterstock_89758564-300x201.jpg 300w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption id=\"caption-attachment-59946\" class=\"wp-caption-text\">(ShutterStock image)<\/figcaption><\/figure>\n<p>MANILA \u2013 An economist of ING Bank Manila remains positive on structural inflows to the Philippines amidst the slower growth of remittances.<\/p>\n<p>Growth of remittances slowed in 2015 and monetary officials attributed this to foreign banks\u2019 more stringent rules against money laundering.<\/p>\n<p>As of end-November 2015, cash remittances has grown 3.6 percent year-on-year to USD 22.83 billion.<\/p>\n<p>Total personal remittances, with include in-kind remittances, rose 3.4 percent year-on-year to USD 25.2 billion during the same period.<\/p>\n<p>These were lower than the 5.9 percent growth of cash remittances and 6.3 percent for personal remittances in end-November 2014.<\/p>\n<p>The central bank is scheduled to report the full-year 2015 remittance report on Feb. 19, 2016.<\/p>\n<p>Some sectors said the sustained drop in oil prices may be a factor in the growth deceleration of remittances but ING Bank Manila senior economist Joey Cuyegkeng, in a research note, said<br \/>\n\u201cascertaining the overall impact of the oil price plunge on OFW (Overseas Filipino Workers) deployment and employment conditions is difficult.\u201d<\/p>\n<p>\u201cDeployment so far has been favorable while some rely on resiliency of OFWs in the face of challenges which has been proven during the Arab Spring,\u201d he said, citing his flat growth projection for remittances this 2016.<\/p>\n<p>And while remittances is seen to post a flat growth this year, Cuyegkeng said outsourcing revenues, which is seen to rise by 15-16 percent this year \u201cwould still keep overall structural inflows growing.\u201d<\/p>\n<p>\u201cOutsourcing revenues would still keep overall structural inflows growing,\u201d he said.<\/p>\n<p>Cuyegkeng also pointed out that \u201ca flat growth of OFW remittances would still allow structural inflows to gain seven percent year-on-year to barely below USD 50 billion.\u201d<\/p>\n<p>\u201cIt would also still mean USD 25 billion of inflows which we believe would more than offset the trade gap and still keep the current account in surplus,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA \u2013 An economist of ING Bank Manila remains positive on structural inflows to the Philippines amidst the slower growth &hellip;<\/p>\n","protected":false},"author":33,"featured_media":59946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19],"tags":[9640],"class_list":["post-70693","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","tag-pna","mauthors-joann-santiago","mauthors-philippines-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/70693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=70693"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/70693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/59946"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=70693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=70693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=70693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}