Filipino workers abroad send home more money in March despite downturn

http://archive.gulfnews.com/articles/09/05/15/10313832.html
05/16/2009 07:38 PM | AP

Manila: The central bank says Filipino workers have sent home a record high US$1.5 billion in March, up 3.1 percent from a year ago, as demand for Filipinos abroad remained steady despite the global economic crisis.

The March figure raised total remittances in the first quarter to $4.1 billion at an annual growth of 2.7 percent.

The World Bank has projected a 4 percent drop in remittances this year as a result of the global downturn, but according to the central bank, demand for Filipino labour is still strong.

Last year, overseas Filipinos sent home $16.4 billion, or 10.4 percent of the country's gross domestic product, fueling domestic consumption that is a lynchip of the economy. Nearly 10 percent of the country's 90 million people work abroad.