Remittances of Filipinos abroad up by 11.3%
Remittances of Filipinos abroad up 11.3% in Nov.
Millions of Filipinos abroad sent home $ 1.46 billion in November, up 11.3 percent from year earlier, strengthened by the extra transfers of funds to help families affected by typhoons.
According to Central Bank, the November figure brings total remittances for the first 11 months of 2009 to a $15.8 billion, 5.1% higher than a year earlier.
It is said that remittances rose because of extra funds sent to families back home affected by a series of typhoons in September and October and fewer Filipino workers losing jobs abroad as the global economic crisis eased.
Amando Tetangco, Central Bank Governor, earlier forecast remittances to rise 4 percent in 2009 to a record $17.1 billion.
The money sent home by 10 million overseas workers or nearly 10% of the population of 90 million – fuels domestic spending, which is the backbone of the Philippine economy.
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