Wednesday, 25 March 2009

PHILIPPINES: Global OFW deployment, dollar remittances grow despite global crisis

he Department of Labor and Employment (DOLE) today confirmed that both the global deployment of overseas Filipino workers (OFWs) and their dollar remittances to the country's economy have continued to increase notwithstanding the global financial crisis (GFC).

Labor and Employment Secretary Marianito D. Roque cited the latest report of the Bangko Sentral ng Pilipinas that despite the global financial slowdown, OFW remittances from more than 190 host countries worldwide reached more than US$1.265 billion in January 2009, representing a positive 0.1 percent growth from the same period in 2008.

Roque had cited the earlier confirmation made by the DOLE's Philippine Overseas Employment Administration that the total global deployment of documented OFWs reached a robust growth to 165,737 in January this year, up worldwide by 25.3 percent, from 132,285 in the same period last year. Read more

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