Remittances to help keep the Philippines out of the firing line

One of the reasons for our positive view on the Philippines is the important role that remittances play in the economy. Not only do remittances provide a useful support to economic growth but, by keeping the current account in surplus, they also make the Philippines well-placed to withstand any repeat of the 2013 “Taper Tantrum” as the Fed starts to hike interest rates. 

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