Philippines: Overseas Filipinos Remittances Reaches Nearly USD 4 Billion in Q1/2008
Today Bangko Sentral ng Pilipinas announced new records for overseas remittances in a media release.
In the first quarter of 2008 Overeas Filipinos (OFs) coursed USD 3.950 Billion through banks compared to USD 3.489 Billion in the first three months of 2008. In March 2008 the remittances climbed to USD 1.427 Billion compared to USD 1.304 Billion in March 2007. This is the highest monthly level recorded thus far.
Based on the preliminary data from the Philippines Overseas Employment Administration (POEA) the number of Filipinos workings abroad has risen by more then 13% to over 263.000.
Again USA, Saudiarabia, UK, Italy, United Arab Emirates, Canada, Japan, Singapore and Hongkong contributed the biggest share of the remittances.
