Business | Banking
Remittances to Philippines rise 10.9% despite economic gloom
Remittances by Filip-ino expatriates in the UAE in the first nine months of this year rose 10.93 per cent to nearly $500 million (Dh1.83 billion) the Philippine central bank said.
- By Cleofe Maceda, Staff Reporter
- Published: 23:15 November 19, 2008
Dubai: Remittances by Filip-ino expatriates in the UAE in the first nine months of this year rose 10.93 per cent to nearly $500 million (Dh1.83 billion) the Philippine central bank said.
Total financial flows from the Middle East that were coursed through banks during the period grew 9.5 per cent to $1.9 billion from $1.7 billion in the same period last year.
Remittances from the UAE in September alone hit $66 million, a 22 per cent increase from $54 million in August. Total cash flows from the country between January and September 2008 reached $474 million, compared to $427 million in the same period last year.
Among the Gulf Cooperation Council states, Saudi Arabia experienced the highest remittances to the Philippines as Filipinos sent some $1 billion in the first nine months, up from $895 million in the same period last year.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr said the continuous flow of money from Filipino expatriates remains a source of strength for the Philippine economy amid the challenging global climate.
"Robust remittance flows have been shored up by strong demand for Fiipino skills and the greater availability of expanded money transfer services to overseas Filipinos and their beneficiaries," he said.
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