NEWSFLASH

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OCW REMITTANCES HIT $5.74-B IN '97

Manila, April 15, 1998 - Overseas Filipino workers remitted a total of $5.74 billion in 1997, 3.3% more than the amount recorded in 1996, according to records of the Bangko Sentral ng Pilipinas.

The largest inflow was from the United States, where majority of overseas Filipino workers hold high-paying and stable jobs. BSP data shows $4.109 billion was sent home from the US, representing 71% of the total inflows for the year. It was 60% more than the previous year's total remittances from the US of $2.564 billion.

The strong rise in inflows along with Canada's 17% hike put North America in the top slot with remittances of $4.127 billion.

Remittances from Asia suffered a downturn because of the financial crisis, plunging by more than 15% to only $454.791 million.

From Hong Kong, Pinoy workers sent home $189.230 million, a drop of 15%. The reduction was 28% in Singapore, where Filipino workers sent home $93.329 million. Workers in Brunei, who sent $931,000 in 1996, sent home only $5,000 in 1997.

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