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5-month remittance level up by 15%
By
Jun Vallecera
Reporter
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REMITTANCES from millions of overseas Filipinos, one of
the few remaining bright spots in the economic
landscape, rose by an annual rate of 15.6 percent in
March this year to $1.4 billion.
This lifted the five-month remittance level by 15
percent to $6.8 billion, the Bangko Sentral ng Pilipinas
said on Tuesday.
BSP governor Amando M. Tetangco Jr. traced the sustained
expansion to higher deployment of skilled Filipinos and
to more enhanced financial services offered by the
various remittance outlets.
The remittance inflows compensated for the net outflow
of foreign exchange withdrawn in the form of portfolio
funds by foreign fund managers during the period.
Monetary officials said the exchange rate, which already
deteriorated by some 9.5 percent from January to
present, would have dropped further without the
remittances of overseas Filipinos.
The BSP cited data from the Philippine Overseas
Employment Administration showing a 40-percent rise in
deployment over the first five months to 533,945 versus
only 382,777 a year ago.
The BSP said the expansion program of a giant oil
processing firm in the Middle East would contribute to
the sustained rise in the deployment of Filipino
workers. |
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