Philippines' remittances hit record high in March

Remittances from overseas Filipinos reached a record $1.47 billion in March, the central bank said on Friday, suggesting domestic growth will remain resilient despite the global downturn. The latest number surpassed the previous monthly high of $1.45 billion in June and supported central bank Governor Amando Tetangco's comments earlier this week that total remittances this year could be better than an earlier forecast of zero growth.
"Remittances are expected to be resilient as workers with permanent status continue to rise," Tetangco told a business forum on Friday.