Philippine OFWs Remittances Up in March 2009

[MikeLigalig.com]

Remittances from overseas Filipino workers (OFWs) hit a record-high of $1.5 billion in March, bringing the first quarter total to $4.057 billion, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

Despite the record-high level, growth slowed to 3.1 percent from a year ago level.

The slowing growth compares starkly with the 13.7-percent year-on-year rise in remittances which reached a record $16.429 billion in calendar year 2008.

The International Monetary Fund and the World Bank have both warned that remittance flows that equate to 10 percent of the Philippines’ domestic economic output could shrink this year as host nations shed jobs because of the global downturn. - Des Ferriols, The Philippine Star