Overseas Filipino remittances remain strong amid global crisis

Overseas Filipino remittances remain strong amid global crisis Manila  - Remittances from overseas Filipinos rose 17.1 per cent in the first nine months of the year despite a slowdown in major economies in the world, the government said Tuesday.

The central bank said remittances totalled 12.27 billion dollars from January to September, compared to 10.47 billion dollars in the same period last year.

In September alone, overseas Filipinos sent home 1.33 billion dollars, up 16.9 per cent from 1.13 billion dollars from a year ago.

"The continuous stream of remittances from overseas Filipinos remains a source of strength for the economy amid the challenging external environment," central bank Governor Amando Tetangco said.

"Robust remittance flows have been shored up by strong overseas demand for Filipino skills, and the greater availability of expanded money transfer services to overseas Filipinos and their beneficiaries," he added.

According to the Philippine Overseas Employment Administration (POEA), the number of Filipinos who found new jobs abroad rose 25.9 per cent in the first quarter of 2008, breaching the 1 million mark.

The newly-hired Filipinos found jobs mostly in the Middle East and Asia, the preliminary data from the POEA showed.

Last year, overseas Filipinos remitted a record 14.44 billion dollars, helping boost the local economy.

The major sources of remittances were the United States, Saudi Arabia, Canada, Britain, Italy, the United Arab Emirates, Japan, Singapore and Hong Kong. (dpa)

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