Monday, 12 October 2009

PHILIPPINES: Remittances seen up 5%

HE National Economic and Development Authority (Neda) believes overseas Filipino workers (OFWs) are and will continue to respond to the calamity brought by typhoons Ondoy and Pepeng by boosting their remittances to relatives—an increase that may reach around 5 percent by the end of the year.

Neda Acting Director General Augusto Santos said it is also in the nature of Filipinos to help each other, especially relatives.

The Bangko Sentral ng Pilipinas (BSP) earlier expected the global economic crisis would reduce growth of worker remittances to zero, but in the first seven months of the year, remittances have already posted a 3.8-percent growth rate. Read more

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