Philippines 2009 Overseas Remittances Hit $17.3 Billion

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Remittances sent to the Philippines reached $17.3 billion in 2009, up 5.6% from 2008, the Bangko Sentral ng Pilipinas said on Monday. This exceeded the central bank's forecast of $17.1 billion remittance flows or 4% growth.

Remittances from sea-based and land-based workers rose 12.1% and 4.2%, respectively.

For the month of December alone, remittances grew 11.4% to hit $1.6 billion, the bank said.

Remittances sent to the Philippines reached $17.3 billion in 2009, up 5.6% from 2008, the Bangko Sentral ng Pilipinas said on Monday. This exceeded the central bank's forecast of $17.1 billion remittance flows or 4% growth. (Market News Provided by RTTNews)