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Overseas Filipino remittances grow 2.6 per cent despite crisis

Jun 15, 2009, 10:19 GMT

Manila - Remittances from overseas Filipinos grew 2.6 per cent in the first four months of 2009 despite the global financial crisis, the Philippine central bank said Monday. Overseas Filipinos sent home a total of 5.498 billion dollars in the January-April period, the central bank said. In April alone, remittances totalled 1.44 billion dollars, up 2.2 per cent from the same month last year. 'Steady remittance flows continued to be driven mainly by sustained demand by host countries for Filipino skills and competence,' central bank Governor Amando Tetangco said. Tetangco noted that as of the end of May, the Philippine Overseas Employment Administration had a total of 758,412 job orders from abroad, of which 37 per cent have been filled and processed. An estimated 10 million Filipinos work and live abroad. In 2008, they sent home more than 16 billion dollars in remittances, which account for 10 per cent of the country's gross domestic product.

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