MANILA, Philippines: Filipinos working overseas sent home $16.4 billion in 2008 — 13.7 percent more than in the previous year — despite the global economic downturn, the Philippine central bank said Monday.
The figure, which comprises 10.4 percent of the country's gross domestic product, surpassed the bank's forecast of a 13 percent rise to US$16.3 billion. Nearly 10 percent of the country's 90 million people work overseas, and the money they send home is a key contributor to the Philippine economy.
Central Bank Gov. Amando Tetangco credited the better-than-expected performance to sustained demand for Filipino workers worldwide — particularly professional and skilled workers — and greater access to expanded remittance facilities. Read more
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