Remittances hit $8.5 billion in first 6 months

MANILA, Philippines – Millions of Filipinos working overseas sent home a record high $1.5 billion in June, up 3.3 percent from last year, allaying fears that remittances will dry up amid the global slowdown.
reported yesterday.

The June data brought total remittances for the first half of the year to $8.5 billion, up 2.9 percent from a year ago, the
The June figure raises hopes remittances for the full year could top the previous record of $16.4 billion set in 2008.

“The continued growth of remittance flows since January this year accompanied by emerging signs of improving global economic conditions have affirmed the positive outlook for steady remittances for 2009,” BSP Governor Amando M. Tetangco Jr. said yesterday.

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