MANILA – Money sent back to the Philippines by its army of migrant workers grew 15 percent from a year earlier to $1.3 billion in January, the Bangko Sentral ng Pilipinas said yesterday.

This followed record remittances of $14.4 billion in 2007, a 13.2 percent rise over the previous year.

"Monthly remittance flows have been surpassing the billion-dollar mark since May 2006," the BSP said, and are expected to reach $15.7 billion for the calendar year 2008.

No shortage of rice,
DA chief reiterates

Agriculture Secretary Arthur Yap yesterday reiterated that the country is not facing a rice shortage amid the soaring prices of the commodity in the world market.

“I would like to reiterate the position of the DA that we do not have a shortage. Shortage or food crisis means we are already rationing food,” Yap, who was in Sagay City yesterday, said.

He said rice is available although prices are firming up because the world’s rice production is not the same as before. In fact, the 2007 production only increased by less than one percent compared to 2006, yet the population is increasing, he noted.

‘B’ sugar prices
above P1,000

Prices of “B” or domestic sugar remain above  P1,000 per Lkg this week, dropping slightly in some mill districts and climbing in others.

At the March 13 bidding, “B” sugar were sold between P1,079.12 and P1,120, including those outside Negros and Panay.         

This week, Binalbagan-Isabela Sugar Company disposed its  “B” sugar stocks at P1,085 (high) and P1,080 (low); Central Azucarera de la Carlota, P1,085.05 (high) and P1,079.12;  Hawaiian-Philippine Company, P1,091.10 (high) and P1,090.09 (low);

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