Business News
Philippine remittances top 20 billion dollars in 2011
Feb 16, 2012, 8:14 GMT
Manila - Remittances by overseas Filipinos grew 7.2 per cent in 2011 and topped 20 billion dollars despite a global economic slowdown, the central bank said Thursday.
In December alone, remittances reached 1.8 billion dollars, their highest monthly level, the bank said, adding that they totalled 20.1 billion dollars for all of 2011.
'Cash transfers from overseas Filipinos continued to be a major contributor in stimulating domestic demand,' the bank said.
The major sources of remittances were the United States, Canada, Saudi Arabia, Britain, Japan, the United Arab Emirates, Singapore, Italy, Germany and Norway.
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