Boom in remittances has hidden cost back in the Philippines

Boom in remittances has hidden cost back in the Philippines

by UA&P News Desk on January 25, 2011 - 4:22 pm

From The National, by Karl Wilson

The Philippines is heading for another boom year in remittances if the figures released last week for November are anything to go by.

According to data released by the government, Filipinos living and working overseas in November sent home a total of US$1.61 billion (Dh5.91bn), up 10.5 per cent on the same period in 2009.

In the 11 months of last year, remittances from the estimated eight million overseas workers totalled $17.07bn, well up on the $15.78bn for the same period in 2009.

The central bank is expecting remittances for last year to be about $18.7bn. Victor Abola, an economist with the University of Asia and the Pacific, was more bullish, expecting remittances to total $19bn.

Read more on theNational.ae ยป

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