OFW remittance expected to drop by as much as $6 billion this year due to unemployment

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A property consultancy has predicted the decline of remittances from the overseas Filipino workers due the impact of Covid-19 in their employment.

According to property consultancy Colliers OFW’s remittances drive the demand for affordable and mid-income housing units in the Philippines and is expected to drop by as much as $ 6 billion this year as thousands are expected to lose their jobs amid the global recession.

They also predicted the decline of homes by up to 15 percent due to Covid-19 impact on the economy.

Colliers also blamed the slow in investment and hiring by Chinese-operated online gaming companies, known as Philippine Offshore Gaming Operators (Pogo).

“The last time we saw this level of correction was during the Asian financial crisis, in 1998 and 1999. This is probably worse than the global financial crisis, but not as bad as the Asian crisis, as the financial system is strong and interest rates are as low as they have ever been,” Joey Bondoc, senior research manager for Philippines at Collier was quoted as saying by South China Morning Post.

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