Remittances from Philippines, Other Countries Help Foil Another Asian Financial Crisis: WB Study
by ISAGANI DE LA PAZ
www.ofwjournalism.net
MANILA, Philippines ? Across the East Asia region sweeps the wind of prosperity and cash remittances as well as knowledge capital by migrant workers has helped economies become more robust a decade after a devastating crisis.
Aside from the Philippines, the World Bank cited remittances from workers overseas also helped other countries like Vietnam and Mongolia to beef up cash reserves. Hence, remittances could soften and may even foil a repeat of the 1997 Asian crisis ?if ever there would be one in the near future.
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