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Philippines reports higher dollar remittances

MANILA, February 15, 2011 (AFP) – Remittances from the Philippines’ millions of overseas-based workers rose 8.2 percent year-on-year to hit $18.8 billion in 2010, the central bank said Tuesday.

The figure slightly exceeded original forecasts of $18.7 billion, it said in a statement.

“The major driving factors that helped accelerate the growth in remittances were the diversity of the destinations and skills of overseas Filipinos combined with the expanding network of bank and non-bank service providers.”

It said Filipinos in the United States were the top sources of remittances last year, followed by those in Canada, Saudi Arabia, Britain, Japan, United Arab Emirates, Singapore, Italy, Germany and Norway.

There are an estimated nine million Filipinos working and living abroad, according to official statistics, and their remittances have traditionally kept the Philippine economy afloat.

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