Overseas Filipinos remitted more than 20 billion US dollars that were coursed through banks as noted by the Bangko Sentral ng Pilipinas (BSP).The remittances increased because of the better network of remittance services available amid the political turmoil in the Middle East and North Africa, the uncertainty of the US and EU economies, and the general slowdown of the world economy.
This big contribution of OFWs to the Philippine economy still does not include the remittances sent over by other means.
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