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Personal remittances sustain PH growth, cash transfers hit US$1.9 billion in October

18 December 2012 No CommentEmail This Post Email This Post

A money changer shows US$100 bills as she counts them. Personal remittances from overseas Filipinos (OFs) registered an 8.2 percent year-on-year growth in October 2012 to reach US$2.1 billion (AP Photo)Personal remittances from overseas Filipinos (OFs) registered an 8.2 percent year-on-year growth in October 2012 to reach US$2.1 billion, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced today.1 On a cumulative basis, remittances totaled US$19.5 billion for the first ten months of the year, higher by 5.9 percent than the level recorded in the comparable period in 2011. Personal remittances continued to expand on the back of the 13.8 percent growth in fund transfers by sea-based workers and land-based workers with short-term contracts, as well as the 3.6 percent expansion in remittances by land-based overseas Filipino workers (OFWs) with work contracts of one year or more.

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