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OFW remittances exceed $2 B in September

MANILA, Philippines (Xinhua) - Personal remittances from overseas Filipinos climbed to $2.043 billion in September, the highest monthly level recorded thus far, the central bank said yesterday.

The September remittances, which were 6 percent higher year-on- year, brought the figure of the first three quarters of 2012 to $17.3 billion, an increase of 5.7 percent from a year earlier, Bangko Sentral ng Pilipinas Officer-in-Charge Nestor Espenilla Jr. said.

"Remittance flows in January-September 2012 consisted primarily of personal transfers from both land-based overseas Filipino workers with work contracts of one year or more (which grew by 3.4 percent) as well as sea-based workers and land-based workers with short-term contracts (which increased by 13.1 percent)," he said.

The money sent home to the Philippines mainly came from the United States, Canada, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, and Singapore. Aggregate flows from these countries represented 78.3 percent of the total cash remittances coursed through banks, Espenilla said.

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