Money laundering

Money laundering
The BSP legitimate defined derisking inside the Middle East is related to issues about money laundering and terrorist financing.

The Middle East is one of the fundamental resources of overseas Filipino remittances, with 80 percent of overall coins remittances coming from Saudi Arabia, the United Arab Emirates (UAE), Qatar and Kuwait.

Exacerbating the impact of derisking is vulnerable oil costs, which dampens the propensity of Saudi Arabia, UAE and other oil producing markets to foreign places people with jobs, Guinigundo pointed out.

Providing an positive view is IHS Markit Asia-Pacific chief economist Rajiv Biswas, who said that no matter the five.4 percentage drop 12 months-on-yr, the general degree of remittances within the first seven months of 2016 has remained stable.