Friday, 25 February 2011

PHILIPPINES: Remittances from Libya, Yemen, Bahrain 1.3% of total, says central bank

Money sent home by overseas Filipino workers in strife-torn countries in the Middle East and North Africa is only 1.3 percent to the total remittances last year, the Bangko Sentral ng Pilipinas (BSP) said Thursday.

"The potential disruption [of money transfers] is something we can tolerate," BSP Assistant Gov. Cyd Tuano-Amador told reporters. But this disruption could eventually matter if the violence continues in strife-torn Libya, Yemen, and Bahrain, she added.

Remittances grew 8.2 percent to a record $18.76 billion last year, from $17.35 billion in 2009, as 

demand for skilled Filipino workers remains strong, the central bank reported on Feb. 15.

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