Philippine Economy -Remittances/Unemployment rate

Unemployment rate climbs to 7.1% in July

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Unemployment rate in the country reached 7.1% in July, slightly higher than the 7.0% recorded 
during the same period last year. During the period, the number of employed persons was 
estimated at 37.1Mil, while 2.82Mil were unemployed. The figures are up from 36.2Mil and 
2.71Mil respectively during July 2010. Underemployment also rose to 19.1% from 17.9% during 
the same period last year.  




Remittances up 6.1% in July
The Bangko Sentral ng Pilipinas reported on Thursday that remittances in July reached 
US$1.715Bil, up 6.1% from the US$1.616Bil booked during the same month last year. The latest figure, however, was 1.3% lower than the record US$1.737Bil recorded in June. For the first seven months of the year, OFW inflows grew 6.3% to US$11.35Bil, reflecting the sustained demand for Filipino workers despite the uncertainties in the US, Europe, and the MENA states. The government is forecasting remittances to expand by 7% to US$20.1Bil for the year. 


via Citiseconline.com