Philippines: OFW remittances up 4.6% to $1.1B in July

7-month total inflow rose 16% to $8.1BBy Doris DumlaoInquirerLast updated 01:20am (Mla time) 09/15/2007

Manila, Philippines -- Money sent home by overseas Filipino workers rose by 4.6 percent in July to $1.1 billion over a year ago as the banking system intensified efforts to capture more of these funds.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. on Friday reported that the July inflows brought the total remittances in the first seven months to $8.1 billion, 16 percent higher year-on-year.

“Sustained growth in remittances was achieved as banks continued to provide overseas Filipinos and their beneficiaries greater access to financial services, including their savings and investment needs,” Tetangco said.
“In particular, banks continued to establish strategic marketing agreements in countries with high density of Filipino workers. The increasing number of remittance centers and tie-ups overseas facilitated the transfer of remittances resulting, in turn, to the better capture of these types of transactions,” he said. [Read more]