InfoAnda - Filipino workers' 2008 remittances up 13.7 percent

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Filipino workers' 2008 remittances up 13.7 percent AP - Tuesday, February 17 MANILA, Philippines - Filipinos working overseas sent home $16.4 billion in 2008 _ 13.7 percent more than in the previous year _ despite the global economic downturn, the Philippine central bank said Monday. ADVERTISEMENT The figure, which comprises 10.4 percent of the country's gross domestic product, surpassed the bank's forecast of a 13 percent rise to US$16.3 billion. Nearly 10 percent of the country's 90 million people work overseas, and the money they send home is a key contributor to the Philippine economy. Central Bank Gov. Amando Tetangco credited the better-than-expected performance to sustained demand for Filipino workers worldwide _ particularly professional and skilled workers _ and greater access to expanded remittance facilities. "Amidst the challenges posed by the global financial market strains and the economic downturn experienced by host economies, remittances from overseas Filipinos remain a dependable source of foreign exchange for the economy," Tetangco said in a statement. He said there is reason for optimism that remittances will remain strong despite expectations the number of workers sent abroad could contract in the coming months. The Philippine Overseas Employment Administration, he said, has reported that demand for Filipinos could remain strong in Canada, Bulgaria, Australia, the United Arab Emirates and Qatar. A hiring program for Filipino nurses and caregivers in Japan under a bilateral agreement will also start by late April or early May, and Filipino workers could benefit from the rapid expansion of New Zealand's dairy industry amid higher milk prices, Tetangco added. In 2008, the major sources of remittances were the U.S., Saudi Arabia, Canada, U.K., Italy, United Arab Emirates, Japan, Singapore and Hong Kong. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Israel cenbank to start buying government bondsReuters - 38 minutes ago Turkey receives 5 bids for lottery pre-qualificationReuters - 41 minutes ago Russia's GAZ seeks to restructure debtReuters - 43 minutes ago Singapore Airlines to cut 17% of fleetAFP - 46 minutes ago MOBILE FAIR-Turkcell studies terms of Ukrtelecom privatisationReuters - 51 minutes ago Most Popular – Business Viewed Earth-like planets in our galactic neighborhood Seductive chemicals hidden in sloppy kisses Climate change could be even worse than feared AIDS: 'Major advance' seen in revolutionary gene therapy Mexico wins new kissing record View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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