Remittances of Filipinos abroad up 8.6 percent

MANILA, Philippines - Millions of Filipinos abroad sent home $1.44 billion in September, up 8.6 percent from a year ago as continued strong global demand for Philippine labor boosted remittances, the central bank said Monday.

The September figure brought total remittances for the first nine months to $12.79 billion, up 4.2 percent from the same period last year, said central bank Governor Amando Tetangco.

He cited continued strong demand for Philippine workers and a wider access to financial products and services for wiring money as the reasons for sustained growth.

Tetangco said remittances could rise further in the near term because massive damage from recent back-to-back typhoons could encourage overseas workers to send more money to their families for rebuilding efforts.

Tetangco earlier forecast remittances to rise 4 percent this year to a record $17.1 billion.

The money sent home by 10 million overseas workers — or nearly 10 percent of the population of 90 million — fuels domestic spending, which is the backbone of the Philippine economy. Remittances account for 10 percent of the country's gross domestic product.

___

On the Net:

Philippine central bank: http://www.bsp.gov.ph

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.