In sterile, technical language, what the finance bureaucrats are reporting this month basically means love trumps global financial crises. “Notwithstanding concerns over sovereign-debt problems in some European countries, remittances from overseas Filipinos continued to show strength amid the gradual recovery of the global economy,” says the governor of the Bangko Sentral ng Pilipinas. From January to April this year, $5.9 billion worth of love poured in the country, 6.6 percent more than the same period last year. Standard & Poor's, a company that assesses the credit-worthiness of countries, is essentially saying remittances comprise a force-field protecting the country from "global turbulence."
Read the rest at the Philippine Online Chronicles.