Ofw Remittances Hit $1.62B In July, Up 8.2% From Last Year

[Mr Lee]

I find this beyond comprehension. How the heck can OFW be sending more money when it seems most of the worlds economies are in the toilet? REMITTANCES ROSE anew in July as recovery of the global economy stirred up demand for more Filipino workers abroad, the Bangko Sentral ng Pilipinas reported Wednesday. The BSP said the money sent in by Filipinos abroad amounted to $1.62 billion in July, rising by 8.2 percent from only $1.49 billion in the same month last year. This brought the cumulative amount of remittances in the first eight months of the year to $10.68 billion—up 7.1 percent from $9.97 billion in the same period a year ago. “Underpinning mainly the resilience of remittances is the continued demand for Filipino manpower worldwide as global employment prospects remained favorable,” BSP Governor Amando Tetangco Jr. said in a statement. The rest of the story here

[Travis]

I find this beyond comprehension. How the heck can OFW be sending more money when it seems most of the worlds economies are in the toilet? REMITTANCES ROSE anew in July as recovery of the global economy stirred up demand for more Filipino workers abroad, the Bangko Sentral ng Pilipinas reported Wednesday. The BSP said the money sent in by Filipinos abroad amounted to $1.62 billion in July, rising by 8.2 percent from only $1.49 billion in the same month last year. This brought the cumulative amount of remittances in the first eight months of the year to $10.68 billion—up 7.1 percent from $9.97 billion in the same period a year ago. “Underpinning mainly the resilience of remittances is the continued demand for Filipino manpower worldwide as global employment prospects remained favorable,” BSP Governor Amando Tetangco Jr. said in a statement. The rest of the story here

to me just another example of the pressure being put on them by the blood sucking families to keep sending more money to equal the same amount of pesos as the exchange rate keeps dropping