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BSP observes 6.3 percent growth of OFW remittances

The Bangko Sentral ng Pilipinas (BSP) notices a 6.3 percent growth of Overseas Filipino Workers (OFW) remittances from the year-ago level.
The BSP Governor, Amando M. Tetangco announces that today that in April 2011, the OFW remittances which is coursed through banks reached to US$1.6 billion. It brought a cumulative remittances to US$6.2 billion during the 4-month period, higher by 6 percent compared to the US$5.9 billion level which is recorded in the same period last year.

This growth was due to the growing cash transfers from both sea-based and land-based OFWs, which grows by 12.2% and 4.4% respectively.

Remittances continues to grow as the demand for Filipino workers abroad increases and continuous promotion and  improvement of the banks' financial products and services especially in area of remittances. - https://www.affordablecebu.com/
 

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"BSP observes 6.3 percent growth of OFW remittances" was written by Mary under the Banking category. It has been read 1769 times and generated 0 comments. The article was created on and updated on 15 June 2011.
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