Philippines central bank expected remittances to incline this year
![]( "Philippines central bank expected remittances to incline this year")
Philippines central bank expected remittances from overseas workers to incline at least 4% this year before it climb 6% in 2010, having in mind that remittances recorded $16.4 billion in 2008. Governor Amando Tetangco said that remittances will grow despite the impact of Dubai's debts problems as it will be offset by emerging economies that were looking to enhance its workforce.
According to the central bank's statistics, remittances from Filipinos working in the U.A.E recorded $471 million or 3.4% of the total $12.79 billion remittances recorded in the first nine months of this year, worth mentioning that remittances are a main source for foreign currencies in Philippines.