BSP sees flat remittances in 2009

Reuters

Posted at Feb 25 2009 10:40 AM | Updated as of Feb 25 2009 07:02 PM

Remittances from Filipinos working overseas will stay flat in 2009 at around last year's level of $16.4 billion, the Bangko Sentral ng Pilipinas (BSP) forecast on Wednesday.

In a presentation prepared for the country's economic managers, the BSP also said average inflation in the year was likely to be between 3-5 percent, 2009 exports would contract 6-8 percent and imports would contract 8-10 percent.

The Philippines will likely have a balance of payments surplus of at least $700 million this year, it added. International reserves at the end of the year should be $37.5 billion, it said.