Philippines overseas remittances keep rising
Remittances back home from millions of Filipinos working abroad rose 2.8 percent year-on-year in August, the central bank said on Thursday, bolstering expectations for economic growth.
The total of 1.4 billion dollars in August brought remittances for the first eight months of the year to 11.34 billion dollars, a 3.7 percent increase from the same period last year, the central bank said in a statement.
"Remittances from Filipino workers overseas continued to underpin the resilience of the economy, remaining a stable source of foreign exchange for the country," the statement said.
It credited the remittances to the steady deployment of workers abroad and the improved services and channels for sending the money home, particularly through local banks.