Expatriates Remittances seen to reach $16Billion this year

According to News in Manila, Filipinos sent money home will reach $16 Billion. As of June the remittances rose 30% according to Central Bank. Half this year, the expatriates remittances is already $8.2 Billion, the bank said in a statement.

The bank expect that there will be a 10% rise of remittances compared last year. The expatriates remittances will hit $15.9 Billion. There are more than eight million Filipinos out of 90 million are working abroad.

Their remittances are of big help to the Philippines government. It is a significant contributions to the gross national products. Without expatriates remittances there will be no source of foreign exchange that will lead to economic problem.

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