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$84M remitted out of CNMI
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Posted on Nov 30 2005
Statistics showed that over $84 million has so far been remitted from the CNMI this year.
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.
This money is usually sent by nonresident workers in the Commonwealth for their families back home.
There are over 35,000 foreign workers in the CNMI. They include nearly 20,000 Filipinos and over 15,000 Chinese.
During the same period last year, the total remittance was a little lower at $67.6 million.
Total remittance in 2004 reached $94 million.
The huge amount of remitted dollars, according to the department, is not favorable to the local economy.
“More money is going out. What we’d 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,” said Commerce economic development officer Glenn Manglona.
Meantime, data showed that during the first quarter of the year, $27 million was sent out of the Commonwealth.
The figure went down to $25.5 million during the second quarter and up again at $32 million during the third quarter.
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’s 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].
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].
Two companies Lucky Money Inc. and Sapphire Ent. Inc. have no records.
