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Filipinos working abroad send more money home


MANILA, Philippines - Money sent home by Filipinos working abroad grew by double-digits in the first five months of the year, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday. Remittances rose for the third-straight month in May, the Philippines’ central monetary authority added. “This brought the five-month remittance level to $6.8 billion, 14.7-percent higher than the year-ago level," the BSP said. Overseas Filipino workers (OFWs) sent more funds home as more employees from the Philippines continued to be deployed abroad. Initial data from the Philippine Overseas Employment Agency showed that the number of deployed Filipino workers worldwide jumped 39.5 percent to 533,945. “This reflected the distinct preference for the skills quality and competence of Filipino workers," said BSP governor Amando Tetangco, referring to the stiff competition for jobs in the world market. Higher deployment is expected in the coming months, which may hike workers’ remittances. New jobs are expected to be created from the expansion of a giant oil processing complex in the Middle East to meet the rising global demand for crude. Enhanced financial services offered by banks also encouraged more Filipinos abroad to send money through formal channels, the BSP said. In May, remittances sent through banks rose to $1.4 billion, 15.6 percent higher compared to the same month last year. Top sources of remittances were the US, Saudi Arabia, Canada, UK, Italy, United Arab Emirates, Singapore, Japan and Hong Kong. Earlier, the BSP estimated that OFW remittances will reach $16.4 billion this year, 10 percent more from last year despite the general slowdown in the global economy. - GMANews.TV
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