$25 billion remittances (OFWs biggest source of foreign - TopicsExpress

$25 billion remittances (OFWs biggest source of foreign currencies) ALTES Knowledge-Sharing, Dec. 23, 2014 New York City Excerpts from “Growing OFW Savings,” editorial, The Phiippine Daily Inquirer, Dec. 23rd, 2014 ● “At an estimated $25 billion in 2014, money sent by the 10 million or so Filipinos overseas contributes much to the Philippine economy. Remittances are the economy’s biggest source of foreign currencies that local firms and the government need to transact with the rest of the world. Remittances also boost domestic consumption, which accounts for about two-thirds of gross domestic product. Last September, remittances rose to $2.11 billion, the highest single-month remittance since December of last year.”

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