The country remains to be strong despite the global economic crisis felt worldwide. Amando Tetangco, Jr., Bangko Sentral ng Pilipinas (BSP) Governor, said that the steady remittance of overseas Filipinos signals that the country remains strong. It grew year-on-year by 3.7 percent in May 2009 to reach a record high of US$1.48 billion.
Tetangco said that the second highest level of remittances, at US$1.47 billion, was registered in March 2009. He added that the cumulative remittances for the first five months of the year totaled US$6.98 billion, representing a 2.8 percent increment from the level recorded in the same period last year.
Remittances from both sea-based and land-based workers posted gains at 4.6 percent and 2.4 percent, respectively.
Tetangco disclosed that the major sources of remittances from January to May this year were the United States, Canada, Saudi Arabia, United Kingdom, Singapore, United Arab Emirates, Italy and Germany. (PIA)
