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OFW income remittances up 9.5% in 1st 10 months |
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(16 December 2004, Thursday - Philippine Daily Inquirer)
Agence France-Presse OVERSEAS Filipino workers (OFWs) sent 6.9 billion dollars back to the Philippines in the first 10 months of the year, up 9.5 percent from the same period in 2003, the central bank said Wednesday. This has strengthened expectations that overseas remittances for the whole of 2004 will exceed the six percent growth target over the 6.9 billion dollars remitted in 2003, the central bank said in a statement. Remittances in October rose 10.1 percent from a year earlier to 741 million dollars, it added. The central bank attributed the rise in remittances to more people working overseas and the increased deployment of higher-paid skilled and professional workers such as nurses, health workers and office staff. It also credited banks for getting more of the money that was remitted from abroad as well as the need for workers abroad to send more money home for the holidays. The biggest sources of remittances were the United States, Saudi Arabia, Italy, Japan and Britain. The lure of higher-paying jobs overseas has seen almost eight million Filipinos go abroad. Nearly a million Filipino citizens find work overseas every year. |
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