The Bangko Sentral ng Pilipinas (BSP) hosted an international research conference on remittances held on 30-31 March 2009 at the Garden Ballroom, EDSA Shangri-La Hotel, Ortigas Center, Mandaluyong City, Philippines.

The two-day conference brought together international and regional policymakers including central bankers, academics and researchers to discuss current research on the impact of remittances on the Philippine economy as well as their implications for policymaking, with special focus on the Asian region.

The World Bank estimates remittance flows to developing countries to have reached US$ 305 billion in 2008, almost triple their level in 2002. Among all developing regions worldwide, the East Asia and Pacific region continues to be the largest recipient of migrant remittances. These large remittance flows have an impact on output growth, investment and financial development not only in the recipient countries but also in the region. Furthermore, remittances can also affect the macroeconomy through microeconomic channels such as household savings and expenditures, labor supply and entrepreneurship.

The conference revolved around the theme: "The Macroeconomic Consequences of Remittances: Implications for Monetary and Financial Policies in Asia". The main sessions of the conference focused on the following topics:

• Macroeconomic consequences of remittances;
• Microeconomic channels through which remittances impact on the macroeconomy; and
• Implications for monetary and financial policies in Asia

Last Updated: 02 April 2009
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