Remittances by overseas Filipinos workers (OFWs) reached a new record $20.117 billion last year, up $1.254 billion from $18.763 billion in 2010, Bangko Sentral ng Pilipinas officer-in-charge Juan de Zuñiga noted in a statement Wednesday.OFW POEA Work Abroad Echague Isabela
Money transfers from Filipinos abroad accounted for about 9 percent of gross domestic product, and were a significant contributor to economic growth by stimulating domestic consumption, De Zuñiga said.
Structural Steel Detailing Batanes Island
Sea-based workers transferred 14 percent more money to the Philippines, and land-based sent 5 percent more to their relatives in the country, according to central bank records.
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