OFW remittance soars to US$13.8 Billion
Manila (19 November) -- Remittances from overseas Pinoys coursed through banks rose by 10.6 percent surging to US$1.6 billion in September 2010, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr., announced today.
The double-digit growth registered for the month was the highest during the year. As a result of the sustained growth in remittance flows since the start of the year, the year-to-date remittance level expanded by 7.8 percent, summing up to US$13.8 billion during the nine-month period.
Likewise, remittances from both sea-based and land-based workers increased, by 11.4 percent and 6.9 percent, respectively. The major country sources of remittances were the U.S., Canada, Saudi Arabia, Japan, the U.K., United Arab Emirates, Singapore, Italy, and Germany.
The continued preference for the skills and competencies of Filipino workers combined with the expanding international remittance transfer network of bank and non-bank channels are factors that could explain the steady flow of remittances into the country. (PIA-MMIO) [top]