Standard Chartered: OFW remittances to grow by 8-8.5% this year

MANILA, Philippines - Banking giant Standard Chartered expects remittances from overseas Filipino workers (OFWs) to grow between 8 and 8.5 percent this year amid the continued global economic recovery.

The bank's remittance growth forecast is higher than the Bangko Sentral ng Pilipinas's 5-percent target for the year.

“Global growth is expected to improve to 3.5 percent from 2.7 percent in 2013, and it is likely that the Philippines will benefit from increased remittance inflows from two of its major sources- the (United States) and Europe,” Standard Chartered said.

It added that remittances are expected to grow as more nations become host countries to OFWs.

Remittances are expected to have hit the $2-billion mark in November.