Q1 remittances from overseas workers rise 7% to $4.3-B

REMITTANCES from Filipinos working overseas rose by 7% in the first quarter to $4.3 billion, the central bank or the Bangko Sentral ng Pilipinas said on Monday.

In March alone, money sent by Filipinos overseas went up by 5.6% from a year ago to $1.5 billion.

The central bank said money sent home in the first quarter grew on sustained and higher remittances by both land and sea-based workers.

The central bank said in a statement that prospects for global deployment of overseas Filipino workers remain positive, especially as employment opportunities are expected to rise along with clearer signs of global recovery.

Remittances, a major consumption driver, still come mostly from the United States, Canada, Saudi Arabia, Japan, Singapore, the United Kingdom, Italy and the United Arab Emirates.

The central bank had previously forecast remittances in 2010 to grow by 8%. In 2009, remittance inflows hit a record $17.3 billion. (PIA-Bohol)

Source: BoholNewsDaily