Saturday, 1 August 2009

Philippines: Labor dep’t sees remittances growing to $17 billion this year

THE DEPARTMENT of Labor and Employment (DoLE) believes remittances from overseas Filipino workers (OFWs) this year will manage to grow 3.6% to $17 billion.

This is contrary to expectations by the Bangko Sentral ng Pilipinas (BSP) that these fund flows would remain at the $16.4 billion recorded last year.

Labor Secretary Marianito D. Roque said in a statement yesterday that the remittances of OFWs will be buoyed by increasing deployments this year.

"[The] distinctive global preference for the OFWs continues to complement worldwide efforts to dispel [sic] the lingering effects of the global financial crisis," the statement quoted Mr. Roque as saying.

BSP data show remittance grew 13.7% to $16.4 billion last year, but that these flows rose by a slower 2.8% to $6.98 billion last January-May from the $6.79 billion recorded in the same period last year. Read more

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