RP overseas workers remittances up 28%<\/p>\n
MANILA: Overseas Filipino workers sent home some US$7 billion
\nto the Philippines in the first eight months of the year, a 28
\npercent rise over the same period last year, the central bank
\nsaid on Friday.<\/p>\n
Remittances in August alone grew more than 28 percent to $954
\nmillion, it said in a statement.<\/p>\n
\"Given the more than 20 percent year-on-year expansion that
\nhas prevailed since February, remittances are expected to remain
\nstrong going into the (Christmas) holiday season,\" the bank
\nremarked.<\/p>\n
Economic planners have previously forecast remittances would
\nreach about $10 billion this year.<\/p>\n
The central bank said the \"vigorous marketing campaign\" of
\ncommercial banks to encourage more Filipinos to send their money
\nback home through official banking channels accounted for the
\nincrease, along with the growing number of Filipinos who are
\ngoing abroad to work.<\/p>\n
Almost eight million Filipinos, out of a population of 84
\nmillion, have left the country to seek work abroad, attracted by
\nsalaries that far outstrip what they could earn at home.<\/p>\n
Their remittances are the Philippines' largest source of
\nforeign exchange, propping up the country even during times of
\nfinancial crisis. -- AFP<\/p>",
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