With its strong contribution to consumption expenditure, we understand the growing concern on how the COVID-19 pandemic will impact on future remittances flows into the country. In this regard, the BSP closely monitors the latest reports from the Philippine Overseas Employment Administration (POEA), Department of Labor and Employment (DOLE), and the Department of Foreign Affairs (DFA) on OF workers’ deployment, displacement, and repatriation status.
OF remittances could contract in 2020 due mainly to the large repatriation of workers and economic disruptions in host countries.