Philippines says March remittances up 3.1 pct yr/yr

Published: 14 May 2009 19:41:04 PST

MANILA, May 15 - Remittances from overseas Filipino workers reached $1.47 billion in March, up 3.1 percent from a year ago, Philippine central bank Governor Amando Tetangco said on Friday.

The inflows in March were higher than $1.3 billion in February, when remittances grew by an annual 4.9 percent.

The central bank expects remittances, a key pillar of the domestic economy as it drives consumption, will likely stay flat this year from 2008's $16.4 billion total.

But central bank governor Amando Tetangco said earlier this week it was possible to see better than zero growth in remittances this year if demand for Filipino labour abroad continues despite the global downturn.