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September 17, 2014 - Philippine Economic Update
Personal Remittances Sustain Robust Growth in July 2014; January-July Level Reaches US$15 Billion - by Philippine Central Bank
Personal remittances from overseas Filipinos (OFs) rose by 7.1 percent year-on-year to US$2.3 billion in July 2014. On a cumulative basis, personal remittances reached US$15 billion in January–July 2014, up by 6.4 percent relative to the level registered in the same period last year, the Bangko Sentral ng Pilipinas announced today. The continued expansion in personal remittances during the first seven months of 2014 was mainly due to the steady increase in remittance flows from both land-based workers with long-term contracts (by 5 percent) and sea-based and land-based workers with short-term contracts (by 8.4 percent).
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