Philippines: OFW Remittances Up

MANILA — Overseas Filipino workers� (OFWs) remittances coursed through banks in February recorded over a billion mark at US$1.1 billion, expanding year-on-year by 25.4 percent. This brought the year-to-date level of remittances to US$2.2 billion, or 22.6 percent higher than the US$1.8 billion recorded a year ago. Remittances coursed through banks are expected to grow by 10 percent to US$14.0 billion in 2007.

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