Friday, 13 July 2007

PHILIPPINES: 5-month OFW remittances up 22%

Thomson FinancialLast updated 03:26am (Mla time) 07/14/2007

MANILA, Philippines -- Foreign exchange remittances of overseas Filipino workers (OFWs) totalled $5.9 billion in the January-May period, up 21.9 percent from the same months last year, the central bank said Friday.
In May, the remittances rose 8.4 percent year-on-year to $1.2 billion, slackening after high growth in previous months. In April, the growth rate reached 32.6 percent.
Governor Amando Tetangco Jr. of the central bank said that the slowdown was attributable mainly to a high comparative base in May last year.
"The robust growth of remittances year-to-date was due largely to technological innovations introduced by financial institutions that serve as conduits for remittance transfers," he said. – With


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