Philippines overseas remittances up 15.6%

Updated Wednesday, July 16, 2008 0:00 am TWN, AFP

Philippines overseas remittances up 15.6%

MANILA -- Money sent home by Filipinos working abroad rose 15.6 percent in May from a year earlier to US$1.4 billion, the Philippine central bank said Tuesday. This brought inflows for the first five months of the year to US$6.8 billion, a 14.7 percent increase from the same period in 2007, the bank said in a statement. The increase was attributed to the growth in the number of Filipinos going abroad to work and the “enhanced financial services” that banks are offering to such workers to send their earnings home.

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