ADB: Remittances provide buffer against slowdown

Posted at Sep 21 2011 12:43 AM | Updated as of Sep 21 2011 08:43 AM

Vinod Thomas, director general of independent evaluation at the Asian Development Bank (ADB), told ANC Business Nightly that remittances will keep the Philippine economy insulated from the global slowdown. Calling these a remarkably big phenomenon, Thomas said remittances are generally resistant to external shocks and are a great base to ground a security on. He said multilateral lenders ADB and the World Bank are now expanding studies on migration and remittances.