Money sent home from abroad plunges to record low, jolted by job losses

Worldwide job losses have sapped the flow of remittances, depleting a vital source of financing in the wake of the coronavirus outbreak.

Money sent home by Filipinos overseas continued to dwindle in May, contracting by 19.3% to $2.1 billion as job losses mount.

The Department of Labor and Employment earlier said “a total of 89,436 overseas foreign workers were either displaced or on a no-work, no-pay status due to lockdowns and slowdown of businesses in host countries.”

The Bangko Sentral ng Pilipinas blamed the COVID-19 pandemic for the downward spiral in global economic activity, travel, and employment.

The World Bank expects remittances to plunge by 20 percent globally this year, the sharpest decline in recent history.

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