Business News

Filipino remittances hit nearly 10 billion dollars in seven months

Sep 16, 2009, 10:52 GMT

Manila - Remittances from overseas Filipinos rose 3.8 per cent to nearly 10 billion dollars in the first seven months of the year, the central bank said Wednesday. Remittances in July alone reached 1.49 billion dollars, 'posting the highest year-on-year growth during the year at 9.3 per cent,' it said in a statement. The month's inflows brought to 9.97 billion dollars the total remittances from January to July. The central bank said sustained demand for Filipino workers worldwide and greater access to remittance transfer facilities helped boost inflows. 'Remittances are anticipated to remain stable for the remainder of 2009 and will continue to be a major growth driver of the economy,' central bank Governor Amando Tetangco said. There are more than 8 million Filipinos working abroad. Their remittances, which totalled 16.4 billion dollars last year, account for about 10 per cent of the country's gross domestic product.

Business News

Filipino remittances hit nearly 10 billion dollars in seven months

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