By Des Ferriols
The Philippine Star 04/27/2007
The country’s gross foreign reserves are expected to rise to as much as $26 billion by the end of the year as a result of strong inflows from foreign investments, government borrowing, export earnings and remittances from overseas Filipino workers (OFWs), the Bangko Sentral ng Pilipinas (BSP) said yesterday.
The country’s foreign reserves have hit record highs each month since the start of 2007, partly due to income from over eight million Filipinos working abroad.
OFW remittances rose to $1.1 billion in February, the 10th straight month that inflows have breached $1 billion.
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