The Philippines is seen as among the emerging markets to be hit by an up to 30-percent drop in remittances, based on the projection…
The Philippines is seen as among the emerging markets to be hit by an up to 30-percent drop in remittances, based on the projection of Washington-based Institute of International Finance (IIF).
“In host countries, COVID-19 shutdowns have disproportionately affected sectors where migrants are more likely to be employed, including certain services (food and hospitality, retail and wholesale trade, tourism and transportation). Migrants also tend to be employed in sectors that may have stayed [partially] open, but where the infection risk is significantly higher (agriculture, food processing and health care),” the IIF said.
It added that migrants’ ability to shift across sectors or gain access to government support was likely curtailed.
