Friday, 15 January 2010

PHILIPPINES: OFW remittances up 11.3% in November

MANILA, Philippines - Money sent home by Filipinos abroad accelerated to its fastest level in 14 months due to the continued deployment of skilled workers abroad, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. reported yesterday.

Tetangco said remittances from overseas Filipinos grew by 11.3 percent to $1.459 billion in November last year from $1.311 billion in the same month in 2008.

He pointed out that this was the highest year-on-year expansion since October 2008 when overseas Filipino workers’ remittances jumped by 16.9 percent.

“The continued deployment of skilled Filipino workers abroad has remained the driving force behind the steady stream of remittance flows,” Tetangco said.

He added that the higher transfer of funds in November could also be partly attributed to the strong support of OFWs to the rebuilding efforts of families and relatives whose properties were damaged by tropical storm Ondoy and typhoon Pepeng.

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