Wednesday, 23 May 2007

OFW remittances up 26% in March, total $3.5 billion in Q1

Last updated 02:32am (Mla time) 05/16/2007

MANILA, Philippines -- Money sent home by overseas Filipino workers (OFWs) through the banking system surged by 26.4 percent to $1.3 billion in March from a year earlier, the central bank said Tuesday.

It was the third straight month OFW inflows posted a double-digit growth.

The first-quarter total reached $3.5 billion, up 24 percent from the same period last year.

“This was mainly the result of innovative remittance schemes offered by financial institutions and the enhanced links established with their foreign counterparts,” Governor Amando Tetangco Jr. of the central bank, Bangko Sentral ng Pilipinas. [Read more]

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