MikeLigalig.com

BY JOSE FRANCO

Remittances by Overseas Filipino Workers (OFWs) in the UAE grew by 11 per cent to Dh185.42 million ($50.48 million) in July from Dh167.26 million ($45.54 million) in June, according to the Philippine central bank.

The July inflows brought to Dh1.2 billion ($324.8 million) the total remittances from the UAE for the first seven months, an increase of 57.1 per cent from Dh759.5 million ($206.8 million) over a year ago level.

BSP (Bangko Sentral ng Pilipinas) Governor Amando Tetangco Jr announced in Manila of a “sustained growth in remittances” as the Philippine banking system continued to provide overseas Filipinos with various services, including savings and investment needs.

Government statistics posted on the BSP web site show that remittances from the UAE accounted for over 24 per cent of the Dh5 billion ($1.35 billion) sent home by OFWs in the Middle East from January to July.

The BSP includes only Kuwait, Saudi Arabia and the UAE in its listing of countries under the Middle East.

OFWs in Kuwait had registered an 80 per cent growth in remittances to Dh408.43 ($111.2 million) for the first seven months from Dh227 million ($62 million) while those in Saudi Arabia sent home Dh2.61 billion ($711 million), a 19 per cent increase from Dh2.2 billion ($598.1 million).

source:Khaleej Times Online

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