Tuesday, 15 December 2009

PHILIPPINES: Remittances hit record $1.5B in October

Highest monthly figure bringstotal to $14.3B
By Michelle Remo
Philippine Daily Inquirer
First Posted 22:07:00 12/15/2009

Filed Under: Remittances, Overseas Employment

MANILA, Philippines - Remittances sent to the Philippines reached $1.5 billion in October, the highest monthly record to date, due to the sustained global demand for Filipino labor and moves of OFWs to send more money to families affected by the recent calamities.

The October figure was 6.7-percent higher than the level in the same month last year and brought total remittances for the first 10 months of the year to $14.3 billion, up 4.5 percent from a year ago.

“The continued deployment of Filipino workers abroad, particularly skilled and higher-paid workers, has provided support to the steady flow of remittances over the 10-month period,” said Governor Amando Tetangco Jr. of the Bangko Sentral ng Pilipinas. Read more

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