MANILA, Philippines — The latest report on remittances from overseas Filipino workers (OFW) reflects one of the strongest fundamentals of the Philippine economy, especially amid the global crisis, which has largely been responsible for the double-digit fall in export earnings.
The OFWs' remittances, according to the Bangko Sentral ng Pilipinas (BSP), increased by 8.4 percent in September 2011 to $1.74 billion from $1.6 billion in the same month last year on continued strong demand for Filipino workers in various countries. Read more
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