Business News
Dollar remittances from overseas Filipinos rise 7.1 per cent
Nov 15, 2011, 8:31 GMT
Manila - Dollar remittances from overseas Filipinos rose by 7.1 per cent in the first nine months of the year due to a steady demand for Filipino workers abroad, the central bank chief said Tuesday
Central bank Governor Amando Tetangco said remittances from January to September totaled 14.75 billion dollars from 13.78 billion dollars in the same nine-month period last year.
In September alone, remittances rose 8.4 per cent to 1.73 billion dollars from 1.60 billion dollars for the same month in 2010.
The major sources of remittances were the United States, Canada, Saudi Arabia, Britain, Japan, the United Arab Emirates, Singapore, Italy, Germany and Norway.
Dollar remittances from an estimated 10 million overseas Filipinos account for about 10 per cent of the country's gross domestic product.
Last year, workers abroad sent home an estimated 18.76 billion dollars, up 8.2 per cent from 2009.
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