OFW remittances from Mideast, Asia to make up for any Europe dip – Metrobank

Reduced money transfers from overseas Filipinos in Europe this year will be “offset by the expected growth in remittances from the Middle East and Asian countries,” the Metropolitan Bank & Trust Co. said Wednesday.   In the Metrobank research brief, “Weekly Views from the Metro” analyst Pauline Revillas said the United States’ improving economy translates to resilient remittances.   Given this mix of factors, Revillas said remittances this year will rise by 6 percent and boost the gross domestic product by 4.6 percent, which is “underpinned by still robust consumer spending.”   GDP growth in 2011 was only 3.7 percent. “Cash transfers from overseas Filipinos, which were estimated to be around 9 percent of GDP, continued to be a major contributor in stimulating domestic demand," according to the Bangko Sentral ng Pilipinas.   OFW remittances last year hit yet another record high of $20.117 billion on 7.2 percent growth “notwithstanding a gloomy global macroeconomic landscape,” Revillas said. — ELR/VS, GMA News