Statistics showed that over $84 million has so far been remitted from the CNMI this year.<\/p>\n
Quarterly remittances reports from the Department of Commerce showed that for the first three quarters of 2005, a total of $84.6 million was received by 20 remittance centers in the CNMI.<\/p>\n
This money is usually sent by nonresident workers in the Commonwealth for their families back home.<\/p>\n
There are over 35,000 foreign workers in the CNMI. They include nearly 20,000 Filipinos and over 15,000 Chinese.<\/p>\n
During the same period last year, the total remittance was a little lower at $67.6 million.<\/p>\n
Total remittance in 2004 reached $94 million.<\/p>\n
The huge amount of remitted dollars, according to the department, is not favorable to the local economy.<\/p>\n
\u201cMore money is going out. What we\u2019d like to see is for dollars to stay in the Commonwealth for at least five years [to help stir economic activities]. We want to see the dollars circulated before it is remitted,\u201d said Commerce economic development officer Glenn Manglona.<\/p>\n
Meantime, data showed that during the first quarter of the year, $27 million was sent out of the Commonwealth.<\/p>\n
The figure went down to $25.5 million during the second quarter and up again at $32 million during the third quarter.<\/p>\n
Of the 20 registered remittance centers, the following cornered the biggest amount: America Joint-Partner Corp. [$16.6 million], Western Union [$11.5 million], LBC Mabuhay Saipan [$9.5 million; PNB Corp. [$9 million], Rustan\u2019s Foreign Exchange [$8.7 million], APEX Remittance [$6.7 million], and Universal Group Dev. Inc. [$6.2 million], and Xiong Wai Company Inc. [$5 million].<\/p>\n
Other remittance centers are PQ Corp. [$4 million], Century Finance Co. [$2 million], Ablog Money Express [$1.6 million], Philippines Express Remittance [$1.5 million], Micronesia Money Exchange [$1.2 million], Ming Li Corp. [$273,722], Thailand Food Store [$154,606], Oceana Remittance Center [$136,854], Saipan Galing Remit [$154,606], and Han Ho Corp. [$100,295].<\/p>\n
Two companies Lucky Money Inc. and Sapphire Ent. Inc. have no records.<\/p>\n","protected":false},"excerpt":{"rendered":"
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