MANILA, Philippines—Remittances from overseas-based Filipinos coursed through banks reached $1.78 billion in November 2011, up 10.6 percent from $1.61 billion in the same month in 2010, the Bangko Sentral ng Pilipinas has reported.This brought the total remittances for the first 11 months of 2011 to $18.32 billion, up 7.3 percent from $17.07 billion in the same period last year.
The data as of November was on track of the full-year remittance growth target of 7 percent set by the BSP.
Remittances are a closely watched indicator as these help fuel household consumption, which is a key growth driver for the economy.
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