OFW remittances up 10.5% in Nov

Foreign exchange remitted by overseas Filipino workers (OFWs) rose 10.5 percent to $1.3 billion in November from a year earlier, accelerating from a 3.3-percent rise to $1.4 billion in October, as the holiday season grew nearer, according to central bank data released Thursday.

The January-November total reached $15.02 billion, up 15.1 percent from the same period in 2007.

“Steady stream of remittances from overseas Filipinos continues to provide the economy with much needed foreign exchange liquidity in the midst of a challenging external environment,” Governor Amando Tetangco Jr. of the central bank, Bangko Sentral ng Pilipinas (BSP), said in a statement.

BSP data on OFW remittances do not include funds sent through informal channels, such as personal couriers of the overseas workers, which the government estimates at five percent of the overall total.

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