Foreign exchange remittances from Filipino expatriates surged in 2008 despite the global economic crisis.
The Bangko Sentral ng Pilipinas reported that remittances through banks and other official channels reached $16.43 billion last year, up 13.7 percent from $14.45 billion in 2007, when they grew 13.2 percent from the 2006 level.
The major sources of remittances in 2008 were the United States, Saudi Arabia, Canada, UK, Italy, United Arab Emirates, Japan, Singapore and Hong Kong.
In December, remittances scaled to $1.40 billion, compared with $1.30 billion in November and with $1.397 billion in December 2007. [Read full article...]