Tuesday, 18 October 2011
PHILIPPINES: Remittances Increase 6.9% To $13.02 Billion In First 9 Months
MANILA, Philippines — Remittances from overseas Filipinos amounted to $13.02 billion in the first nine months of 2011, up 6.9 percent year-on-year, the Bangko Sentral ng Pilipinas (BSP) Monday reported.
Fund transfers through official bank channels and monitored by the BSP totaled $1.67 billion for August alone, up 11.1 percent year-on-year but compared to the previous month or in July, the monthly tally was lower by 2.4 percent. It was the first time remittances climbed at a double-digit pace this year, the central bank said. Read more