Remittances hit new high for Philippines

This only showed that the crisis in the euro zone did not put a damper on the ability of Filipino workers abroad to send money back to the country, the bank said.

“Remittances remained resilient on the back of sustained foreign demand for skilled Filipino manpower and continued financial service innovations of banks and other financial institutions to address the remittance needs of overseas Filipinos and their beneficiaries,” central bank deputy governor Nestor Espenilla Jr said. The bank said the $1.84 billion in remittances sent to the Philippines in September was the highest on record, representing 5.9-per-cent growth from the $1.74 billion reported in the same month last year.

Also, remittances during the month brought the total for the first three quarters of the year to $15.57 billion, up by 5.5 per cent from the $14.76 billion of the same period a year ago.

There are at least 10 million Filipinos living outside the country.