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Gllasea Ann Hilario shows her trophy and certificate after winning the Under-10 category of the National Age Group Chess Championships held in Malolos, Bulacan from July 19-24, 2022. She learned how to play chess at the age of four, after getting encouraged by her brother.

10-year-old becomes Woman National Master 

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Gllasea Ann Hilario takes pride in winning the Under-10 category of the National Age Group Chess Championships (NAGCC) held at the Robinsons Place in Malolos, Bulacan from July 19 to 24, according to a report by Philippine News Agency. Aside fr...

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30 Davao centenarians to receive P200,000 cash 

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The local government said it has validated 30 centenarians here who will receive cash incentives worth P200,000 each on Oct. 3, according to a report by Philippine News Agency. Lawyer Marlisa Gallo, City Social Welfare and Development Office (C...

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Floods hit parts of Manila 

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A heavy downpour caused gutter-deep floods in several areas in Manila on Tuesday afternoon, Sept. 27, according to a report by Manila Bulletin. The Manila Disaster Risk Reduction and Management Office (DRRMO), in an advisory, said gutter-deep f...

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Remittances expected to sustain growth

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The continued recovery of economies hosting overseas Filipino workers (OFWs) is expected to further support expansion of remittances, one of the strong pillars of domestic growth, according to a report by Philippine News Agency.

The Bangko Sentral ng Pilipinas (BSP) on Thursday reported the 2.3 percent year-on-year increase in personal remittances last July, bringing the year-to-date volume to USD20.33 billion, higher than the USD19.78 billion in the same period in 2021.

In a report, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said year-on-year growth of remittances last July is lower than the 2.5 percent expansion of inflows in the same period last year, but is the highest after the USD2.987 billion in December 2021.

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Ricafort attributed the lower year-on-year expansion of the July figure partly to elevated inflation in most parts of the world, which also resulted in central banks’ decisions to increase their key rates.

These factors, he said, dampened global economic recovery as well as OFW employment and income.

“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 (coronavirus disease 2019) lockdowns, in able 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.

Ricafort said OFWs who are working in pandemic-hit industries, such as tourism and travel, are seen to regain their jobs given the resumption of operations of firms in these sectors, backed by governments’ bid towards her immunity.

He said continued diversification of deployment areas for OFWs is also a plus for the resiliency of remittances.

“Aging population in some developed countries also structurally increased the demand for OFWs in recent years, especially amid tighter labor markets in some host/developed countries due to better economic recovery prospects,” he added.


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