Philippines 2009 remittances growth may top 3 pct-c.bank

Published: 21 Sep 2009 23:15:23 PST

MANILA, Sept 22 - Remittances of Filipinos working overseas, a key driver of Philippine consumer spending, can grow more than 3 percent this year, central bank governor Amando Tetangco said on Tuesday.

The latest forecast is higher than the central bank's earlier estimate of a 2-3 percent increase.

Data last week showed remittances rose a stronger than expected 9.3 percent in July from a year earlier. Remittances in the first seven months of the year are up 3.8 percent over the same 2008 period.