Philippines: Remittances may shrink 5 percent this year
Governor of the Philippine central bank (BSP) Benjamin Diokno has said overseas remittances to the country could shrink 5 percent this year because of COVID-19.
Singapore (VNA) - Governor of the Philippine central bank (BSP)Benjamin Diokno has said overseas remittances to the country could shrink 5percent this year because of COVID-19.
Remittances may fall to 28.6 billionUSD from the record 30.7 billion USD last year.
The central bank is closelymonitoring the latest reports from the Philippine Overseas EmploymentAdministration (POEA), the Department of Labour and Employment (DOLE), and theDepartment of Foreign Affairs (DFA) on the deployment, displacement, andrepatriation status of overseas Filipino workers (OFWs).
Earlier, DOLE said more than 1 millionOFWs would be displaced by December 2021 due to the pandemic. Actual data showsthat over 320,000 OFWs had already lost their jobs as of May and the figure isexpected to double to nearly 610,000 by December.
The World Bank has estimated that global remittances will be down 20percent this year. The East Asia and Pacific region is expected to see a 13percent decline, driven mainly by falling inflows fromthe US./.
Unemployment in the Philippines soared to 17.7 percent in April, equivalent to around 7.3 million jobless Filipinos amid the COVID-19 pandemic, the Philippine Statistics Authority (PSA) announced on June 5.
The Philippine economy is projected to contract 1.9 percent this year due to the economic fallout triggered by natural disasters and COVID-19, the World Bank said in an updated report released on June 9.
The Philippines has signed an agreement with the Asian Infrastructure Development Bank (AIIB) committing the multilateral lender to extend a loan of 750 million USD to support government efforts to mitigate the COVID-19 outbreak.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Illustrative image (Photo: Philstar) 
