Remittances up 5.8% in Dec
Remittances from Filipinos working overseas rose 5.8 percent in December from a year ago, up from November’s 3.8 percent annual rise, according to data from the central bank on Friday.
Inflows in the full year were up 13.2 percent to $14.4 billion.
The remittances from over eight million Filipinos accounted for about 10 percent of the country’s nominal 2007 gross domestic product, the central bank said.
The increase was attributed to the continued demand of Filipino workers and enhanced remittance services provided by banks and non-bank remittance agents.
The central bank cited labor department data that showed 1.073 million Filipinos went to work abroad last year, up 1.0 percent from 2006.
Professionals and skilled workers accounted for the bulk of deployed new hires, while permit problems slowed the employment of Filipino merchant sailors.
The bank said employment prospects for overseas workers in the near term "remain favorable" despite a looming US slowdown "following indications of continued demand from (other) labor-importing countries such as Canada, Australia, Middle East (states), South Korea, and Taiwan.
Source: www.abs-cbnnews.com
