PH remittances less vulnerable
GLOBAL debt watcher Fitch Ratings said remittance inflows in the Philippines are less vulnerable to the slowing growth in Middle East countries because migrant Filipino workers are not solely concentrated in that region.
Fitch said in a report Friday reduced growth and capital spending among oil producers in the Middle East might trim employment opportunities for foreign workers from Asian countries, especially in construction.
It said the risk of lower demand for foreign workers in the Middle East was significant, but has, so far, hardly materialized in the Philippines, Sri Lanka, Bangladesh, Pakistan and Vietnam.
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