Slowing Remittances

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Mr Lee
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Things are not looking good for the economy of the Philippines and all while heading into the elections next year, anyone seeing major signs of slow down there? http://www.abs-cbnnews.com/business/06/26/...ggest-challengeMoney sent home from the US plunged 10.3 percent in April to $2.29 billion from $2.55 billion in 2008. These make up 41 percent of total remittances sent to the Philippines for the said month.(that is 26 billion dollars not pesos) :540:

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TheMason
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Things are not looking good for the economy of the Philippines and all while heading into the elections next year, anyone seeing major signs of slow down there? http://www.abs-cbnnews.com/business/06/26/...ggest-challengeMoney sent home from the US plunged 10.3 percent in April to $2.29 billion from $2.55 billion in 2008. These make up 41 percent of total remittances sent to the Philippines for the said month.(that is 26 billion dollars not pesos) :540:
My wife and I have several friends with OFWs in the family that have recently had their monthly remittance cut considerably, ranging from 25-50%. None of the OFWs are in the US though, they are in Canada, Taiwan, or the Middle East. For most the cut simply means cutting back on luxuries, but in one case they had to start sending kids to public school because they could no longer afford the tuition.
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