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OFWs’ February remittances rise 9.1% to $2.11B

Remittances from overseas Filipino workers (OFWs) witnessed a 9.1 percent year-on-year growth in February 2016, highest since August 2015.

The latest Bangko Sentral ng Pilipinas (BSP) data suggest that cash inflows in the second month this year reached $2.11 billion, higher than last month’s $2.02 billion and last year’s $1.94 billion, Northbound Asia reported.

To date, cash remittances grew by 6.2 percent to $4.13 billion against year-ago’s $3.9 billion.

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BPO revenues soon to overtake OFW remittances

The business process outsourcing (BPO) industry may soon overtake dollar remittances from overseas Filipinos in terms of revenues given the continued strong demand for office space, a real estate market consultancy firm said.In 2014, the BPO sector registered $18.9 billion in total revenue and is forecast to grow between 15 percent and 18 percent for 2015.Pinnacle Real Estate Consulting Services Inc. said the industry is expected to further grow this year with revenues projected to hit $25 billion.

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‘Zero Remittance Day’ a success, says migrant workers group

Migrante party-list, a group protecting the rights of overseas Filipino workers, has declared the success of Friday’s “Zero Remittance Day.”
“We declare today’s Zero Remittance Day a success and resounding declaration of OFWs’ unity and collective action against any and all moves by the Aquino government to scam us and treat us as nothing but milking cows.

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New Study Finds Positive Impact of Remittances More Widespread than Previously Thought

The University of Colorado Boulder Leeds School of Business, which includes the well-regarded Business Research Division, and The Western Union Company, a leader in global payment services, today announced the release of a first-of-its-kind study that sheds new light on the positive impact of cross-border money transfer broadly and of Western Union services in particular.

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Philippines posts record $4.48bn BoP deficit in Jan

The Philippines posted a record balance of payments (BoP) deficit of $4.48bn in January, when it saw its biggest-ever net portfolio outflows due to an emerging market rout, data from the
central bank showed yesterday.
But authorities expect the country’s external payments position to improve in coming months as markets grow calmer over the US Federal Reserve’s plans to scale back its massive stimulus programme.

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