Headline (and Tweet) of the Day: Weak Philippine peso NOT Equal to Remittances Growth (August Remittances Shrinks!)

For the mainstream: Shiver me Timbers!!!! 

The above headline comes from the Business World. 

The August numbers signifies a sequel from July's data (as reported by media and as initially blogged here and explained here last September). 

The difference was July was a near zero growth. August was NEGATIVE!

And this seems like a virtual demolition of the mainstream agitprop which sold the weak peso as an elixir to remittances.

The following tweet from Channel News Asia's Haidi Lun

From my post which debunked the weak peso myths, early September:

Revenues of both OFWs and BPOs are SOURCED externally. This means OFW remittances depend on the INCOME of foreign employers. BPOs revenues depend on the INCOME of foreign based principals. This likewise means that the economic, social and political CONDITIONS of the nations serving as HOST to foreign employers and foreign principals essentially determine indirectly the REVENUES of OFWs and BPOs. 

Reality eventually prevails.