Remittance growth to the Philippines has slowed steadily over the past decade and looks set to remain subdued over the next few years. While weak remittance growth is likely to act as a drag on consumption and investment, overall GDP growth should continue to hold up pretty well. We are more concerned that the slowdown in remittance growth will contribute to a further widening of the current account deficit, and make the Philippines more vulnerable to sudden shifts in global risk appetite.
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