Remittances from overseas Filipinos rise 8.6 per cent

Manila: Filipinos abroad sent home $1.44 billion in September, up 8.6 per cent from a year ago as continued strong global demand for Philippine labour boosted remittances.

Central bank Governor Amando Tetangco said Monday the September figure brought total remittances for the first nine months to $12.79 billion, up 4.2 per cent from the same period last year.

He cited continued strong demand for Philippine workers and a wider access to financial products and services for wiring money as the reasons for sustained growth in remittances.

Tetangco said remittances could rise further in the near term because massive damage from recent back-to-back typhoons could encourage overseas workers to send more money to their families for rebuilding efforts.