Philippines sees record high in remittances
Filipinos working overseas sent home a
record high 8.5 billion USD in the first half of the year, up 2.9
percent against the same period last year, the central bank of the
Philippines said on Aug. 17.
Filipinos working overseas sent home a
record high 8.5 billion USD in the first half of the year, up 2.9
percent against the same period last year, the central bank of the
Philippines said on Aug. 17.
The Banko Sentral ng Pilipinas (BSP) forecast that this year’s remittances will set a new record, exceeding the 16.4 billion USD recorded in 2008.
BSP Governor Amando M. Tetangco attributed the high volume to the sustained demand for Filipino labour as well as improved financial services offered by banks for wiring money to the Philippines .
According to the BSP, the major sources of remittances are the US, the UK, Canada, Saudi Arabia, Japan, Singapore, the UAE, Italy and Germany.
The government of the Philippines also plans to seek other job opportunities for its workers in Qatar, Australia, the Republic of Korea, Algeria, Chad, Malta, Morocco and Taiwan, the bank added./.
The Banko Sentral ng Pilipinas (BSP) forecast that this year’s remittances will set a new record, exceeding the 16.4 billion USD recorded in 2008.
BSP Governor Amando M. Tetangco attributed the high volume to the sustained demand for Filipino labour as well as improved financial services offered by banks for wiring money to the Philippines .
According to the BSP, the major sources of remittances are the US, the UK, Canada, Saudi Arabia, Japan, Singapore, the UAE, Italy and Germany.
The government of the Philippines also plans to seek other job opportunities for its workers in Qatar, Australia, the Republic of Korea, Algeria, Chad, Malta, Morocco and Taiwan, the bank added./.
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