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Central bank sees OFW remittances at $9B in 2005 |
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(22 December 2004, Wednesday - Philippine Daily Inquirer)
Inquirer News Service THE BANGKO Sentral ng Pilipinas (BSP, the Philippine central bank) expects dollar inflows from overseas Filipino workers (OFWs) to remain robust next year and rise by at least five percent to close to $9 billion, BSP Deputy Director Amando Tetangco Jr. said Tuesday. OFW remittances this year have come in stronger than expected but the BSP prefers to be conservative in its assumption for 2005, Tetangco said. They will likely grow by 9.2 percent this year from 2003 to as much as $8.4 billion, he said. The BSP had set a 2004 target of six percent. "If we end 2004 with $8.3 billion, this could rise to almost $9 billion next year," Tetangco said. "The trend is towards a continued 5-6 percent growth." October OFW remittances were up 10.1 percent year-on-year at $741 million, fueled by money sent for Christmas spending. They brought the total for the January-October period to $6.9 billion, up 9.5 percent from $6.3 percent in the same period last year. The main sources were the United States, Saudi Arabia, Italy, Japan and the United Kingdom. With INQ7.net |
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