ADB: Remittances provide buffer against slowdown

Posted at 09/21/11 12:43 AM
Watch more shows on iWantv or TFC.tv

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.