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Philippine peso hits remittances
- Saudi Arabia: Saturday, June 09 - 2007 at 07:34
The expansion of the Philippine economy, which is now growing at its fastest rate in 17 years, is causing a problem for families relying on remittances from abroad as their main source of income, reported the AP. The Philippine peso has strengthened recently and so the value of remittances from areas such as the Gulf has fallen by nearly 20%. Around 8m Filipinos currently work overseas.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, June 09 - 2007 at 07:34 UAE local time (GMT+4)
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This article was updated on Fri Jun 15 2007.
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