Sunday, 15 July 2007

OFW remittances surge 21.9% to $5.9B in 5 mos

By Des Ferriols Sunday, July 15, 2007
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Overseas Filipino workers (OFWs) remitted 21.9 percent more in the first five months this year compared to last year, resulting in a total $5.9 billion sent through the banking system during the period.
The Bangko Sentral ng Pilipinas (BSP) reported that remittances in May alone were strong at $1.2 billion, the 13th straight month that remittances went over a billion dollars.
The BSP noted a marked deceleration in May, however, when remittances grew by only 8.4 percent year-on-year, compared with the double-digit growth recorded in May 2006.
The BSP said the slowdown in growth during the month was partly attributed to the “base effect” following a sharp increase in remittances in May 2006.
However, BSP Governor Amando M. Tetangco Jr. said there was also a steady decline in deployment of new workers abroad and despite the trend of higher salaries for higher-skilled workers, this was beginning to affect total remittances. [Read more]

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