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OFW remittances may already have hit a record $17B in '08


MANILA, Philippines - Money sent home by Filipinos working overseas may already have reached $17 billion in 2008, the highest level recorded ever since the government started monitoring remittances in 1989. The robust flow of dollars has been attributed to higher demand for Filipino skills and talent abroad, the Bangko Sentral ng Pilipinas (BSP) said. Latest data from the central bank showed that in October 2008 alone, remittances reached $1.4 billion, the highest monthly inflow recorded since 1989. It brought the ten-month remittance figure to $13.7 billion, 15.5 percent higher than the inflows for the same period in 2007. October marks the start of the yearend remittance season for the Philippines. The central bank said the trend of high remittances continued in November and December. The central bank estimates that there are at least eight million Filipinos working abroad. Total deployment from January to October stood at 1.115 million, 25.5 percent higher than the number of Filipinos who left the country in the same period in 2007, data from the Philippine Overseas Employment Administration showed. Besides boosting consumer spending, remittances increase the Philippines’ foreign exchange reserves, further strengthening the country’s capacity to pay for debt and cover import costs such as oil and raw materials for exports. - GMANews.TV
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