CASH... FROM 5

in cash remittances in the fourth month this year.

Despite the decline in cash remittances last April, Ricafort continues to consider inflows from Filipino workers overseas as among the bright spots for the economy given its robust growth despite the challenges.

Remittances from OFWs are among the main drivers of domestic growth since these allow more Filipinos to have spending capacity.

“Going forward, any further recovery in OFW remittances in the coming months would also largely depend/be a function of the further/faster recovery of the economies of the major host countries around the world from Covid-19 lockdowns, for some OFWs to be able to work again, as well as the pace of restoring/regaining jobs lost by some adversely affected OFWs in the same or different industry/host country,” he added. (PNA)