Remittances on the rise in the Philippines

Money sent home by Filipinos working abroad rose 18% to $1.1bn in June compared to the same month last year.

For the first six months of 2006, inflows from overseas workers totalled $6bn, 15.4% higher than the same period last year.

However, the rate of growth in remittances has slowed compared to the 24% recorded during the first half of 2005. Observers put this trend down to slowing economic growth in the US, where most of the remittances originate.

The central bank said in a statement that a