Philippines sees record-high remittances from nationals overseas in October

The remittances from the Philippines' 10 million migrant workers rose to a record-high 2. 458 billion U.S. dollars in October, an increase of 6.9 percent year on year, the country's central bank said on Monday.
Central bank data showed these remittances brought the 10-month tally to 22.02 billion dollars.
"The steady demand for skilled professional Filipino manpower supported the growth in remittance inflows," the bank said in a statement, reflecting the durability of these inflows amid difficult global economic conditions.
The bulk of remittances was from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Hong Kong, and Canada.
Last year, the remittances summed up to 22.968 billion dollars and made up more than 8 percent of the country's gross domestic product, the statement said.
The money from overseas Filipinos has been the main sources of the country's domestic consumption and the largest driver of its economy. It also makes up over half of the country's recurring income from abroad.