FRIDAY, JUNE 6, 2008 | FINANCE
The Department of Labor and Employment (DOLE) today reported to Malacanang that the global deployment of overseas Filipino workers (OFWs) is on track to reach and surpass the one million mark in 2008.
This developed as a report reaching Dole Secretary Marianito D. Roque also projected that as current trends sustain, global OFW remittances would likely approach, if not surpass, the $15 billion level this year.
The latest report of the Bangko Sentral ng Pilipinas said that OFW remittances have already reached US$4.0 billion (more than P173-b at current rates) in the first quarter of 2008, with the highest month-on-month remittances reaching $1.4 billion in March, on top of $1.3 billion in February, and another $1.3 billion last January. In 2007, OFW remittances reached $14.449 billion, the highest in history so far. [Read more]
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