On Monday, Bangko Sentral ng Pilipinas announced December 2009 remittance data, calling cumulative remittances from overseas Filipinos “stronger-than-expected in 2009, growing year-on-year by 5.6 percent to US$17.3 billion”(1). According to the bank, December remittances grew by 11.4 percent and amounted to US$1.6 billion. This brings the total for the year to 10.8 percent of GNP.
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