14 Feb 2008

Low remittances due to factory shutdowns in CNMI

11:51 am on 14 February 2008

Low remittance figures in the Marianas Islands last year were partly a result of the continued exodus of the islands' garment industry.

The Department of Commerce acting secretary Michael Ada says the decline in remittances last year was also a result of the closure of four remittance centers.

He says there has been a decline in the number of actual individuals remitting money, due in large part to the exit of the garment industry.

Overseas remittances went down 8.4 percent decline from $102.2 million to $93.6 million in 2007.