PHILIPPINES: August remittances surged 11% to $1.67b

Remittances from millions of Filipinos working abroad grew in August at the fastest rate in 20 months, giving the economy a needed boost in the second half after a sluggish performance in the first semester.

The Bangko Sentral said remittances in August reached $1.67 billion, up 11.1 percent from $1.503 billion year-on-year. The amount, however, was lower than $1.715 billion recorded in July.
The growth of remittances in August was the fastest rate of increase since inflows grew 11.4 percent year-on-year in December 2009. Read more