Business

$1 Billion OFW Remittance for 11th month

OFW remittances stay above $1B

Remittances of overseas Filipino workers coursed through banks remained above $1 billion for the 11th straight month since May 2006, the Bangko Sentral ng Pilipinas reported in a press release.

Inflows reached $1.3 billion in March 2007, posting a double-digit year-on-year growth of 26.4 percent, the BSP said in its press release.

This is the third consecutive month of double-digit growth since the start of 2007. The sustained strength in remittance flows in March brought the first quarter level to $3.5 billion, 24 percent higher than the $2.8 billion realized in the same period a year ago, the BSP said.