Cheap oil should be a good thing for a country like the Philippines that imports almost all of its fuel, but there are 10 million reasons why that may not be the case. That’s how many Filipinos work overseas, many of them on rigs, tankers and as domestic help or construction workers in oil-producing nations in the Middle East. Together they sent home $22.8 billion in the first 11 months of 2015, around 10 percent of gross domestic product. The potential for a slowdown in remittances is being closely monitored, the central bank said last week. A prolonged period of oil at less than $30 a barrel could create an economic headache for the successor to President Benigno Aquino, who steps down in June, ...
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