Updated Friday, October 16, 2009 11:24 am TWN, AP

Philipppine remittances rise 2.8 percent in August

MANILA -- Filipinos working abroad sent home US$1.4 billion in August, up 2.8 percent from a year earlier, as the global economy recovered and job prospects improved, the central bank said Thursday. The latest figures brought to US$11.3 billion total remittances in the first eight months, representing 3.7 percent growth from the same period last year, the bank said. Remittances were projected to rise 4 percent this year to a record US$17.1 billion, central bank Governor Amando Tetangco said.

The money sent home by 10 million overseas workers — or 10 percent of the population of 90 million — fuels domestic spending, which is the backbone of the economy.

Tetangco said the Philippine government has signed employment agreements with Qatar, Saudi Arabia, Canada, Australia, Japan, South Korea and Taiwan.

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