What we have today is a short and simple ceremony for the signing of the Memorandum of Agreement between the Commission on Filipinos Overseas and the Bangko Sentral ng Pilipinas covering the Remittance for Development Council. Short and simple; …. but full of significance.
With OMTs, pressure to reform remains on peripheral countries, while re-establishing confidence in the euro area reduces the flows of money from the periphery to the core countries like Germany. So what do the data say?