“We expected a contraction in remittances after the sub-prime crisis in 2008 and the later eurozone crisis, but this wasn’t the case,” says Alfred Dy, head of research at CLSA in Manila. “Remittances continued to come back to the Philippines. Although growth decreased, the amount of remittances continued to increase overall. Remittances are one of the key areas to GDP growth. And the Philippines is one of the biggest suppliers of labour overseas, accounting for 10 million workers abroad.
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