00:00Now in Honduras, the new 1% tax on remittances sent from the United States reduces the real income of
00:06thousands of families.
00:07In an economy where three, these flows represent more than 25% of GDP, according to the Central Bank of
00:14Honduras.
00:15Let's take a closer look at the details.
00:22The 1% tax on remittances sent from the United States directly impacts Honduras, where these transfers exceeded $872.9
00:31million in January alone.
00:33According to the Central Bank of Honduras, the levy makes it more expensive to send money that supports more than
00:3960% of households living in poverty.
00:44This is a clear reflection of the type of foreign police Honduras will have over the next four years.
00:50Simple, accepting the imposition by the United States regarding remittances, regarding that type of income generated by Honduras living abroad.
00:59Which is so important for maintaining the flow of consumption and to a certain extent, investment and savings within the
01:06country and ensure that Honduras' economic dynamics remain stable.
01:13Economic experts estimate that, as a result of the cancellation of temporary protected status, Honduras could lose up to $170
01:22million in remittances,
01:24considering that around 40% of Hondurans protected under this mechanism regularly send money to the country, among other labor
01:31and migration-related factors.
01:36It is estimated that only about 40% of the people protected under TPS are sending remittances.
01:45They all have already broken ties with the family they had here in Honduras.
01:51Their parents have passed away, they have brought their children over, they got married in the United States, and they
02:01are no longer sending remittances.
02:03So, it is estimated that the national economic cost stopped saving about $150 to $170 million per year.
02:16Of course, this is significant because it is direct support to cover the basic needs of recipients.
02:23We are talking about food, health care, and children's education.
02:27In addition, another important portion of these funds help sustain the country's savings.
02:35Y además, otra parte importante de los mismos vienen a sustentar el ahorro del país.
02:4398.46% of remittances come from the United States and represent more than 25% of Honduras' GDP.
02:51That is, more than $12.2 billion annually.
02:551% may seem marginal, but in macroeconomic terms, it means millions less circulating in consumption, trade, and the payment
03:03of basic services.
03:04This is el basicoso.
03:07Remittances have become a leaf line that provides macroeconomic stability to the country, but we cannot continue depending on them.
03:14This situation forces governments to create the necessary conditions within the country's well-paid jobs, employment opportunities where Hondurans can
03:23drive in order to prevent immigration.
03:25That is the ideal scenario, isn't it?
03:28To gradually replace those remittances with dollars generated from goods and services that we, ourselves, can bring to export.
03:38A this scenario, added to this scenario is the uncertainty surrounding the reactivation of the process to cancel temporary protected
03:46status, which could affect the job stability of thousands of remittance senders.
03:51According to the experts consulted, Honduras could stop receiving around $170 million per year.
03:58For Telesur, from Tegucigal, Honduras, Karim Duarte.
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