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OFW Remittances Up in 2003
Jan 6, 2004
Overseas Filipino workers (OFWs) remitted home about 6.3 billion dollars between January and October in 2003, up 5.7 percent from the same period in 2002, the Central Bank of the Philippines said.
The rise in remittances came despite the number of Filipinos who legally went abroad to work shrank by 9.9 percent to 698,691 during the same period, according to statement.
This increase was attributed to the deployment of more Filipinos in higher-earning sectors rather than as manual laborers or domestic helpers the Philippines had been exporting in the past decades.
The central bank expressed confidence that remittances for the whole of 2003 would be six percent higher than in 2002.
There are more than five million Filipinos working overseas. Major sources of OFW remittances were the United States, Saudi Arabia, Japan, Britain, Hong Kong, Singapore and the United Arab Emirates.
The rise in remittances came despite the number of Filipinos who legally went abroad to work shrank by 9.9 percent to 698,691 during the same period, according to statement.
This increase was attributed to the deployment of more Filipinos in higher-earning sectors rather than as manual laborers or domestic helpers the Philippines had been exporting in the past decades.
The central bank expressed confidence that remittances for the whole of 2003 would be six percent higher than in 2002.
There are more than five million Filipinos working overseas. Major sources of OFW remittances were the United States, Saudi Arabia, Japan, Britain, Hong Kong, Singapore and the United Arab Emirates.
