Remittances of Filipinos abroad up 11.3% in Nov

Millions of Filipinos abroad sent home $1.46 billion in November, up 11.3 percent from a year earlier, boosted by extra transfers of funds to help families affected by typhoons.

The November figure brings total remittances for the first 11 months of 2009 to $15.8 billion, 5.1 percent higher than a year earlier, the central bank said Friday.

It said remittances rose because of extra funds sent to families back home affected by a series of typhoons in September and October and fewer Filipino workers losing jobs abroad as the global economic crisis eased.

Central bank Governor Amando Tetangco earlier forecast remittances to rise 4 percent in 2009 to a record $17.1 billion.

The money sent home by 10 million overseas workers — or nearly 10 percent of the population of 90 million — fuels domestic spending, which is the backbone of the Philippine economy.

Remittances account for about 10 percent of the country's gross domestic product. - AP

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