MANILA (Thomson Financial) - Money sent home through banks by overseas-based Filipinos rose 15.6 percent in May from a year earlier to $1.4 billion, though at a much slower rate than the 18.4 percent increase posted in April, central bank data showed Tuesday.
The remittances in May brought the five-month inflows to $6.8 billion, up 14.7 percent from the year before.
Citing government data, the central bank said the number of Filipino workers deployed overseas in the first five months rose 39.5 percent to 533,945.
Around 8 million Filipinos or a tenth of the population are working overseas, mostly as nurses and caregivers, domestic helpers, ship crew members, entertainers and engineers.
They are dispatched across the Middle East, the United States, the United Kingdom, Italy, Canada, Japan, Hong Kong and Singapore.
In a statement, central bank governor Amando Tetangco Jr. said the establishment of more remittance centers is expected to further facilitate the inflow of rising remittances.
The central bank figures do not include money sent through non-bank or informal channels outside of the banking system.
For 2008, the central bank expects total remittances coursed through banks to reach $15.7 billion, up 9 percent from last year's record $14.4 billion.
Remittances in 2007 sustained domestic consumption, which was the Philippines' biggest growth driver during the year.
($1 = 45.15 pesos)
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