News OFW remittance expected to drop by as much as...

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

-

- Advertisment -

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.

Ryan Namia
Ryan Namia spends most of his days reading over drafts of new written content and determining which ones make the final cut for online and print publication. He received his Bachelor's degree in Journalism in 2015 and has been writing since 2016. Got a story to tell? Email him at eic@theglobalfilipinomagazine.com. Or follow his IG @rtnamia.

Latest news

Free admission: Madinat Jumeirah’s famous Christmas market returns

The Madinat Jumeirah Festive Market will be open on December 16 and will last 15 days.

Jo Koy confirms that the Funny Is Funny World Tour will stop in Dubai

The hilarious comedian Jo Koy will perform on the Dubai stage for one night on the 29th...

Filipino-owned travel, tourism company wins best travel company award in Dubai

A Filipino-owned travel and tourism company in Dubai has recently clinched a gold award from a reputable...

UAE Minister: Private sectors not obligated to change working week

Private sector companies in the UAE are not obligated to change their weekends to Saturday and Sunday,...
- Advertisement -

OFW in Saudi Arabia goes viral after taking selfie with Justin, Hailey

An overseas Filipino worker based in Saudi Arabia who seemed to be working at a hotel has...

Perfect start of a new year: UAE residents to experience a 3-day break

Good news for UAE residents! It will be a perfect start for some workers...

Must read

DFA says it will pay ‘overstaying fees’ of OFWs in UAE

An official from the Department of Foreign...

20-year-old Filipino student designs Miss Universe candidate’s costume

A 20-year-old Filipino student was personally approached...

You might also likeRELATED
Recommended to you