Remittances grow 3.8% to $1.2B in Nov 2007

Remittances from overseas Filipinos coursed through banks rose 3.8 percent in November to $1.2 billion, the Bangko Sentral ng Pilipinas reported Tuesday.In a statement, the BSP said earnings sent home for the first eleven months of 2007 reached $13.1 billion, 14.1 percent higher than the $11.4 billion registered in the same period in 2006.Bulk of remittance flows came from the United States, UK, Italy, United Arab Emirates, Saudi Arabia, Canada, Singapore, Japan, and Hong Kong.

"The sustained strong remittance flows in November reflected the continued rise in the number of deployed overseas workers," the central bank said. [Read more]