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May 2010: OFWs Sent Remittance Record $1.578B
Money sent home by overseas Filipinos reached the highest volume in May as compared to any month before, the Bangko Sentral ng Pilipinas (BSP) said Thursday. The BSP said the amount of money sent home by Filipinos from abroad reached a new monthly record...
BDO Top Bank for OFW Remittances: Bangko Sentral
Bangko Sentral ng Pilipinas (BSP) named SM Group’s Banco de Oro Universal Bank as last year’s top commercial bank for having the largest share of money sent home by Filipinos abroad as compared to other banks. This was the second straight...
OFW Remittances May Have Peaked, Warns Central Bank
THE Philippine central bank warned on Friday that money sent home by overseas Filipino workers (OFWs) has peaked and may soon plateau. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said remittances have breached a very large base,...
BSP Cites Need to Optimize Every OFW Dollar
THERE is urgency for government to optimize the economic impact of the billions of dollars reaching the country each month as a result of the remittance activities of some six million overseas Filipinos, the Bangko Sentral ng Pilipinas (BSP) said on Friday. In...
New Markets, Skills Needed for Remittance Boost
REMITTANCES from Filipinos overseas which help drive consumer spending will likely continue growing by single-digit rates unless new markets are found and new skills are developed that are needed abroad, the Bangko Sentral ng Pilipinas (BSP) said. That...
BSP Waives Bank Fees on OFW Remittances
The Bangko Sentral ng Pilipinas (BSP) has agreed to waive the fees imposed on banks that use the Philippine Payments and Settlements System (Philpass) remit system as part of efforts to reduce the cost of sending money by overseas Filipino workers (OFWs). BSP...
4 Reasons Why Some OFWs Return Home Peniless
Contrary to many expectations that once a Filipino goes abroad and get paid salary higher than back home, many overseas Filipino workers go home barely able to save money. Why is it so? In ideal situations, a Filipino spends considerable amount of money...
OFW Remittance Hits $5.9B in 1st 4 Months
More overseas Filipino workers (OFWs) sent more money to relatives in the Philippines last April as the global economy gradually recovered from the recession, the central bank said Wednesday. OFW remittances totaled $1.5 billion or P69 billion in April,...
Japan OFW Remittance Increases by 34%
Remittances sent by overseas Filipino workers (OFWs) in Japan to the Philippines increased by 34 percent at the end of 2009. This was reported during the Second Sub-Committee Meeting on the Improvement of the Business Environment held in Manila recently....