OFW remittances hit record high in May

By Des Ferriols

MANILA, Philippines - Remittances from overseas Filipino workers (OFWs) in May were higher than central bank expectations, with the monthly inflows reaching a new record high at $1.48 billion as more Filipinos sought jobs abroad.

The record inflows in May brought the cumulative remittances for the first five months of the year to $6.98 billion, representing a 2.8-percent increase from the level recorded in the same period last year.

OFW remittances are the most closely-watched economic data since these finance private spending which has become the most critical economic growth driver.

The Bangko Sentral ng Pilipinas (BSP) reported yesterday that OFW remittances coursed through banks grew year-on-year by 3.7 percent in May 2009, higher than the two- to three-percent growth projected earlier.

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