AN official of the Bangko Sentral ng Pilipinas (BSP) attributed the boom in residential property development on the remittances of overseas Filipino workers (OFWs).
Ludivinia Gador, deputy director for the BSP economic statistics department, said OFW remittances is the main factor behind the increase in residential building construction in Central and Western Visayas.
In Central Visayas, a total of 4,232 residential buildings were constructed in the first half of 2007 while there were 1,324 built
in Western Visayas for the same period. [Read more]
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