Reuters and PDI
Filipinos working overseas sent an unprecedented amount of money home last December, taking 2007 inflows to a record $14.45 billion, and exceeding the central bank's target by $100 million, data showed on Friday.
The Bangko Sentral ng Pilipinas, the central bank, said $1.396 billion was sent in December, the highest for any single month and the 20th straight month that inflows topped $1 billion. The December figure was up 5.8 percent year-on-year.
For the full year, remittances increased 13.2 percent over 2006 and exceeded the $14 billion target.
Remittances in 2006 totaled $12.8 billion.
The central bank figures do not include remittances sent through non-banking channels.
Remittances accounted for about 10 percent of nominal gross domestic product in 2007, central bank governor Amando Tetangco Jr. said in a statement.
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