World Bank said remittances by overseas Filipino workers (OFWs) are likely to post a modest drop this year because of job lay offs, as it cited a larger basis for the projected remittances that included non-cash flows.
Dilip Ratha, the banka’s lead economist for Migration and Remittance Team, said remittances could drop by 4 percent this year from its estimate of $18 billion in total remittances last year. The World Bank also computed the amount of remittances in cash and non-cash flows, including the balikbayan box.
Banco de Oro Unibank (BDO) (BDO.PS), the Philippines’ biggest bank, said on Monday it had raised 3 billion pesos ($62 million) from an offer of unsecured subordinated debt eligible as lower Tier 2 capital.
With the offer, the bank completed its one-year capital raising programme, acquiring a total of 13 billion pesos in fresh funds via tier 2 notes aimed at funding its expansion.
BDO, the country’s largest bank by market capitalisation and assets, said it increased the size of the 10-year notes issue to 3 billion pesos from 2.5 billion pesos.
