MANILA, Philippines - Money sent home by Filipinos working overseas may already have reached $17 billion in 2008, the highest level recorded ever since the government started monitoring remittances in 1989.
The robust flow of dollars has been attributed to higher demand for Filipino skills and talent abroad, the Bangko Sentral ng Pilipinas (BSP) said.
Latest data from the central bank showed that in October 2008 alone, remittances reached $1.4 billion, the highest monthly inflow recorded since 1989. It brought the ten-month remittance figure to $13.7 billion, 15.5 percent higher than the inflows for the same period in 2007. Read more
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