unday, September 30, 2007By Hina Mahgul RindKARACHI: Rupee remained in the positive territory against dollar and continued its positive stance through out the week due to weak demand for the greenback and higher remittances by overseas Pakistanis in Ramazan. Forex analyst said that trend would continue in coming weeks as well and the rupee would remain on the positive side.The week opened with national currency remaining unchanged against dollar in the open market dealings.
The dollar started trading at Rs.60.65 and did not show any change and remained at the same price at close of markets. On the international desks, the dollar fell to a record low against the euro for a seventh straight day as slowing inflation encouraged traders to speculate that the Federal Reserve will cut borrowing costs a second time this year, stated Ayaz Ali Messam, forex analyst at KKI. [Read more]
Sunday, 30 September 2007
Sri Lanka: Brain drain in Lanka affecting hoteliers
Hoteliers are complaining about the staff turnover ratio in Sri Lankan hotels being unbelievably high mainly on account of the unprecedented expansion of the tourist business, especially in the Middle East and in other parts of the world.
“Sri Lankan Hotels continue to be a very buoyant training ground for overseas employers. The entire industry is training more and more personnel whose ambition is to initially migrate to other countries to find employment and this situation has made Sri Lanka lose its best staff very rapidly,” M. T. A. Furkhan, Chairman Confifi Hotels told The Sunday Times FT.
He said that most of local skilled personnel venture into the overseas markets, resulting in local employers having to make do with lesser skilled people at increasingly high cost of salaries.
“Unless some attempt is made to reverse this “brain drain” trend, Sri Lanka’s hotel sector will sooner or later have to face the problems of low productivity and severe shortage of human resources skills to match the demands,” he reiterated. [Read more]
“Sri Lankan Hotels continue to be a very buoyant training ground for overseas employers. The entire industry is training more and more personnel whose ambition is to initially migrate to other countries to find employment and this situation has made Sri Lanka lose its best staff very rapidly,” M. T. A. Furkhan, Chairman Confifi Hotels told The Sunday Times FT.
He said that most of local skilled personnel venture into the overseas markets, resulting in local employers having to make do with lesser skilled people at increasingly high cost of salaries.
“Unless some attempt is made to reverse this “brain drain” trend, Sri Lanka’s hotel sector will sooner or later have to face the problems of low productivity and severe shortage of human resources skills to match the demands,” he reiterated. [Read more]
Philippines: Cell phones double as electronic wallets in RP
By Oliver TevesAssociated PressLast updated 10:42am (Mla time) 09/30/2007
SAN MIGUEL, Philippines--It's Thursday, so 18-year-old Dennis Tiangco is off to a bank to collect his weekly allowance, zapped by his mother--who's working in Hong Kong--to his electronic wallet: his cell phone.
Sauntering into a branch of GM Bank in the town of San Miguel, Dennis fills out a form, sends a text message via his phone to a bank line dedicated to the service.
In a matter of seconds, the transaction is approved and the teller gives him P2,500 (US$54), minus a 1-percent fee. He doesn't need a bank account to retrieve the money. [Read more]
SAN MIGUEL, Philippines--It's Thursday, so 18-year-old Dennis Tiangco is off to a bank to collect his weekly allowance, zapped by his mother--who's working in Hong Kong--to his electronic wallet: his cell phone.
Sauntering into a branch of GM Bank in the town of San Miguel, Dennis fills out a form, sends a text message via his phone to a bank line dedicated to the service.
In a matter of seconds, the transaction is approved and the teller gives him P2,500 (US$54), minus a 1-percent fee. He doesn't need a bank account to retrieve the money. [Read more]
Philippines: Money from overseas makes OFW kids 'lazy'
Because of the remittances they receive, some children of overseas Filipino workers (OFWs) in Europe are less inclined to study, or work, an officer of the International Organization for Migration (IOM) told GMANews.TV on Thursday.
“One remarkable development among children of OFWs in Europe is they are becoming dependent on remittances. These children show less enthusiasm to study and to find work, said Ricardo Casco, national program officer for labor migration support of IOM. Casco also said that most of these kids are attracted to migrating to Europe and are willing to get there even through illegal means. [Read more]
“One remarkable development among children of OFWs in Europe is they are becoming dependent on remittances. These children show less enthusiasm to study and to find work, said Ricardo Casco, national program officer for labor migration support of IOM. Casco also said that most of these kids are attracted to migrating to Europe and are willing to get there even through illegal means. [Read more]
India: Send Money Abroad Up To USD 2,00,000 Now!
The Reserve Bank Of India has further liberalised the forex rules and one of the relaxation affecting Individuals immediately will be raising of remittance limit under Liberalised Remittance Scheme for resident Indians. Read the press release issued by RBI. [Read more]
Friday, 28 September 2007
Ethiopia: Kaberuka Calls for Efficient Channeling of Remittances From African Diaspora
Daily Monitor (Addis Ababa)
27 September 2007Posted to the web 27 September 2007
Addis Ababa
African Development Bank Group (AfDB) President Donald Kaberuka on Monday made a strong appeal for more efficient channeling of remittances from the African Diaspora.
Kaberuka made the appeal at the end of his official visit to Mali where he was appointed Commander of the National Order of Mali by President Amadou Toumani Touré.
According to a study conducted by the AfDB, remittances by the African Diaspora range from about 14 to 17 billion American dollars each year.
[Read more]
27 September 2007Posted to the web 27 September 2007
Addis Ababa
African Development Bank Group (AfDB) President Donald Kaberuka on Monday made a strong appeal for more efficient channeling of remittances from the African Diaspora.
Kaberuka made the appeal at the end of his official visit to Mali where he was appointed Commander of the National Order of Mali by President Amadou Toumani Touré.
According to a study conducted by the AfDB, remittances by the African Diaspora range from about 14 to 17 billion American dollars each year.
[Read more]
The Influence of Transnational Ghanaians
The planned debate of the ruling National Patriotic Party (NPP) presidential candidates as the major mark of the NPP-USA 2007 Congress on October 20, 2007 in Dallas, Texas, USA raises the increasing influence of transnational Ghanaians on their homeland more than before. In the last couple of years, prominent Ghanaian politicians, businessmen and women, and traditional rulers have been making the rounds globally interacting with transnational Ghanaians for all sorts of deals and connections – all boiling down to the development of Ghana.
This has played into the fact that either by accident or providential design, there are almost 3 million Ghanaians abroad, and growing, who are critical part of the key sustenance of Ghana – the Bank of Ghana, the central bank, and the World Bank report that transnational Ghanaians transmit well over US$4.3 billion in 2007 to Ghana, an increase from US$400 million in 2001.
[Read more]
This has played into the fact that either by accident or providential design, there are almost 3 million Ghanaians abroad, and growing, who are critical part of the key sustenance of Ghana – the Bank of Ghana, the central bank, and the World Bank report that transnational Ghanaians transmit well over US$4.3 billion in 2007 to Ghana, an increase from US$400 million in 2001.
[Read more]
Philippines: BPI sees 19-20% growth in remittance business in 2007
September 27, 2007 Updated 16:44:29 (Mla time) Rocel Felix Thomson Financial
MANILA, Philippines -- Bank of the Philippine Islands (BPI), the nation's third largest bank, said Thursday it expects its global remittance business this year to maintain its annual growth pace of 19-20 percent, supported by robust remittances from Filipinos working overseas.
"At this rate, we are outpacing the growth in the domestic remittance business, which as of July was at 16-17 percent," BPI's global remittance vice-president, Raul Dimayuga, told a briefing.
Dimayuga said he is confident revenue from remittances will exceed P3 billion this year.
In 2006, BPI's revenue from remittances was P2.8 billion. [Read more]
MANILA, Philippines -- Bank of the Philippine Islands (BPI), the nation's third largest bank, said Thursday it expects its global remittance business this year to maintain its annual growth pace of 19-20 percent, supported by robust remittances from Filipinos working overseas.
"At this rate, we are outpacing the growth in the domestic remittance business, which as of July was at 16-17 percent," BPI's global remittance vice-president, Raul Dimayuga, told a briefing.
Dimayuga said he is confident revenue from remittances will exceed P3 billion this year.
In 2006, BPI's revenue from remittances was P2.8 billion. [Read more]
Parliament adopts priorities on legal and illegal immigration policies
Immigration - 26-09-2007 - 16:46
MEPs debated and voted today on two own-initiative reports relating to a policy plan for legal migration and the priorities in the fight against illegal immigration. The Chamber opened the door to the possibility of establishing an EU work permit for highly skilled workers (the so-called blue card) and defended that illegal immigration cannot be countered unless means and channels of legal immigration are established at the same time.
The own-initiative report, aimed to elaborate a plan on legal migration, "supports the creation of an EU work permit" -Known as the blue card, similar idea to the current US green card- "to facilitate the free movement of 'brains' within Europe and the transfer of personnel within multinational companies".
MEPs also ask to bring forward a study on the possible implementation of the blue-card system but reminded that defining the specific needs and quotas for economic migrants remains a Member State competence. EC Vice-president Franco Frattini will present Commission's legislative proposal on the blue-card system next 23 October.
Europe needs economic migrants, stressed MEPs. "the reality of ageing and demographic changes necessitate rethinking immigration policies since the current and future situations of the EU labour markets can be broadly described as in demand of well-managed legal immigration".
The text adopted supports the intention of the Commission to define the conditions of entry and stay for other selected categories of economic immigrants, including unskilled or low-skilled workers. [Read more]
MEPs debated and voted today on two own-initiative reports relating to a policy plan for legal migration and the priorities in the fight against illegal immigration. The Chamber opened the door to the possibility of establishing an EU work permit for highly skilled workers (the so-called blue card) and defended that illegal immigration cannot be countered unless means and channels of legal immigration are established at the same time.
The own-initiative report, aimed to elaborate a plan on legal migration, "supports the creation of an EU work permit" -Known as the blue card, similar idea to the current US green card- "to facilitate the free movement of 'brains' within Europe and the transfer of personnel within multinational companies".
MEPs also ask to bring forward a study on the possible implementation of the blue-card system but reminded that defining the specific needs and quotas for economic migrants remains a Member State competence. EC Vice-president Franco Frattini will present Commission's legislative proposal on the blue-card system next 23 October.
Europe needs economic migrants, stressed MEPs. "the reality of ageing and demographic changes necessitate rethinking immigration policies since the current and future situations of the EU labour markets can be broadly described as in demand of well-managed legal immigration".
The text adopted supports the intention of the Commission to define the conditions of entry and stay for other selected categories of economic immigrants, including unskilled or low-skilled workers. [Read more]
Philippines: OFW savings and investments
By Fr. Emeterio Barcelon, SJIF we could make the OFWs invest 10% of the R14 billion that they will remit this year, it would be a boon to the economy. It has been shown that the OFWs do not save in monetary instruments or savings deposits.
However, they do save. Health, education, and housing expenditures are really forms of saving. Nevertheless, our economists and monetary managers would like to see savings in banks and stock market or direct investments rather than consumption. However, most of our OFWs are not in a position to make this kind of savings. This was clear in the road show of the Bangko Sentral and OWWA. In the open forum in Cagayan de Oro all questions were directed to the OWWA representative (who by the way was very knowledgeable and helpful) except for three to the other speakers.
The OFWs and their beneficiaries were concerned in welfare even though the seminar was to focus on savings and investments. This is understandable since the caregivers, seamen, and other overseas manual laborers are barely able to cover the health and education needs of their families. What they get abroad is much higher than what they would get here, if they can find a job, but still the basic demands on them do not allow them to save in monetary form.
Consumption can be excessive or for conspicuous purposes but this is the exception. There are pasalubongs and karaokes and the like but this is maximizing the resources they have. Similar to fiesta spending, which some condemn, the enjoyment garnered is the best use of their resources. In both cases, there can be extravagance, not useful, but the worker is entitled to have some extra joys his money can buy and for which he sweated and suffered loneliness. [Read more]
However, they do save. Health, education, and housing expenditures are really forms of saving. Nevertheless, our economists and monetary managers would like to see savings in banks and stock market or direct investments rather than consumption. However, most of our OFWs are not in a position to make this kind of savings. This was clear in the road show of the Bangko Sentral and OWWA. In the open forum in Cagayan de Oro all questions were directed to the OWWA representative (who by the way was very knowledgeable and helpful) except for three to the other speakers.
The OFWs and their beneficiaries were concerned in welfare even though the seminar was to focus on savings and investments. This is understandable since the caregivers, seamen, and other overseas manual laborers are barely able to cover the health and education needs of their families. What they get abroad is much higher than what they would get here, if they can find a job, but still the basic demands on them do not allow them to save in monetary form.
Consumption can be excessive or for conspicuous purposes but this is the exception. There are pasalubongs and karaokes and the like but this is maximizing the resources they have. Similar to fiesta spending, which some condemn, the enjoyment garnered is the best use of their resources. In both cases, there can be extravagance, not useful, but the worker is entitled to have some extra joys his money can buy and for which he sweated and suffered loneliness. [Read more]
Monday, 24 September 2007
Migrant culture
By Juan MercadoInquirerLast updated 00:22am (Mla time) 09/25/2007
THE EYE CLINIC secretary on the line apologized, saying: "Sorry, sir. But we can't set an appointment. Your doctor migrated to the US. And her substitute isn't here yet."
Here was a small sign of the medical system's erosion due to the unstanched exodus of care-givers. Starting in the 1960s, departures included nurses, midwives and specialists in pediatrics, internal medicine to obstetrics and oncology, according to Jaime Galvez Tan, Fernando Sanchez and Virginia Balanon. "A health disaster is impending if nothing drastic is done."
That will take some doing. Eight million Filipinos now live and work in over 190 countries, and about 3,000 leave every day. They have midwifed today's "culture of migration...which permeates Filipino society," Maruja Asis of Scalabrini Migration Center observes. [Read more]
THE EYE CLINIC secretary on the line apologized, saying: "Sorry, sir. But we can't set an appointment. Your doctor migrated to the US. And her substitute isn't here yet."
Here was a small sign of the medical system's erosion due to the unstanched exodus of care-givers. Starting in the 1960s, departures included nurses, midwives and specialists in pediatrics, internal medicine to obstetrics and oncology, according to Jaime Galvez Tan, Fernando Sanchez and Virginia Balanon. "A health disaster is impending if nothing drastic is done."
That will take some doing. Eight million Filipinos now live and work in over 190 countries, and about 3,000 leave every day. They have midwifed today's "culture of migration...which permeates Filipino society," Maruja Asis of Scalabrini Migration Center observes. [Read more]
Sunday, 23 September 2007
DOMINICAN REPUBLIC: Remittances for Development
By Diógenes PinaSANTO DOMINGO, Sep 18 (IPS) - Civil society organisations suggest that a plan be designed so that the money sent home by Dominicans abroad, known as remittances, will be used to foment development instead of simply going towards daily expenses.
The idea is "to deepen public reflection and debate to optimise the impact of remittances on the development of the national economy," says a document by the Asociación Tú, Mujer ("You, Woman" Association), which is carrying out the Proyecto Remesas y Codesarrollo (Remittances and Co-development Project) under the sponsorship of international organisations. Legislators, ministers, the representative of the United Nations Population Fund (UNFPA) and delegates of civil society groups met Tuesday in a conference organised by the Association.
"We have to find mechanisms so that remittances are used more efficiently towards social development, and in the fight against poverty," Carmen Julia Gómez, the Association’s director of research and the head of the Remittances and Co-development Project, told IPS. [Read more]
The idea is "to deepen public reflection and debate to optimise the impact of remittances on the development of the national economy," says a document by the Asociación Tú, Mujer ("You, Woman" Association), which is carrying out the Proyecto Remesas y Codesarrollo (Remittances and Co-development Project) under the sponsorship of international organisations. Legislators, ministers, the representative of the United Nations Population Fund (UNFPA) and delegates of civil society groups met Tuesday in a conference organised by the Association.
"We have to find mechanisms so that remittances are used more efficiently towards social development, and in the fight against poverty," Carmen Julia Gómez, the Association’s director of research and the head of the Remittances and Co-development Project, told IPS. [Read more]
Moldova: Suspension of remittances to dramatically affect Moldova: WB Expert
Suspending the remittances will dramatically affect the internal consumption in Moldova and the poverty level will be increasing, WB Expert Willen van Eeghen said on Tuesday to the press.
Moldova is among the first states with the greatest GDP weight of the remittances with 30%, and they cover 50% of the incomes from exports and is continually increasing, according to the report Migration and Remittances in the States of the Eastern Europe and ex-Soviet Union, elaborated by the World Bank. [Read more]
Moldova is among the first states with the greatest GDP weight of the remittances with 30%, and they cover 50% of the incomes from exports and is continually increasing, according to the report Migration and Remittances in the States of the Eastern Europe and ex-Soviet Union, elaborated by the World Bank. [Read more]
Philippines: Global IT company to develop remittance products in RP
Global IT company aurionPro Solutions Ltd. is setting up a development hub in the Philippines to create cutting-edge software solutions, including remittance products that will help local banks get a bigger slice of the USD 28-billion pie.
The ten-year-old Indian technology product and solutions firm with headquarters in Mumbai recently set up operations in the Philippines as part of its global expansion plans.
“We see the Philippines as a growth area in the region and a great launch pad to develop some of our cash management, treasury and risk management products,” said Krishan Grover, aurionPro Global sales director and Southeast Asia business head. [Read more]
The ten-year-old Indian technology product and solutions firm with headquarters in Mumbai recently set up operations in the Philippines as part of its global expansion plans.
“We see the Philippines as a growth area in the region and a great launch pad to develop some of our cash management, treasury and risk management products,” said Krishan Grover, aurionPro Global sales director and Southeast Asia business head. [Read more]
Saturday, 22 September 2007
Ghana: UBA partners Moneygram
United Bank of Africa (UBA) Ghana Limited has announced its partnership with MoneyGram International to provide efficient money transfer services for Ghanaian residents abroad.
This makes UBA the third bank in Ghana to partner with Moneygram after SG-SSB and GCB.CEO & Managing Director of UBA, Nnamdi Okonkwo said at a ceremony to launch the partnership that UBA’s collaboration with Moneygram to offer money transfer services constitutes the bank’s strategy to compete effectively in the international financial market place.
He also noted that the launch of Moneygram transfer services at UBA will serve as a prelude to excellent money transfer services to be provided the general public. [Read more]
This makes UBA the third bank in Ghana to partner with Moneygram after SG-SSB and GCB.CEO & Managing Director of UBA, Nnamdi Okonkwo said at a ceremony to launch the partnership that UBA’s collaboration with Moneygram to offer money transfer services constitutes the bank’s strategy to compete effectively in the international financial market place.
He also noted that the launch of Moneygram transfer services at UBA will serve as a prelude to excellent money transfer services to be provided the general public. [Read more]
Pakistan: Swelling trade deficit, still FDI inflows threaten forex reserves build-up
By Mushfiq Ahmad KARACHI:
Foreign exchange reserves of the country continue to swell thanks to the massive inflows of dollars from abroad in remittances and foreign direct investment (FDI). According to the figures released by the State Bank of Pakistan (SBP) total liquid foreign reserves held by the country rose by $69 million from September 8 to September 15.
The country’s reserves surged to $16,090.7 million on September 15 from $16,021.3 million on September 8. Net foreign reserves held by banks other than SBP rose from $2,248.4 million to $2,292.6 million. Foreign reserves held by the SBP rose from $13,772.9 million to $13,798.1 million.
[Read more]
Foreign exchange reserves of the country continue to swell thanks to the massive inflows of dollars from abroad in remittances and foreign direct investment (FDI). According to the figures released by the State Bank of Pakistan (SBP) total liquid foreign reserves held by the country rose by $69 million from September 8 to September 15.
The country’s reserves surged to $16,090.7 million on September 15 from $16,021.3 million on September 8. Net foreign reserves held by banks other than SBP rose from $2,248.4 million to $2,292.6 million. Foreign reserves held by the SBP rose from $13,772.9 million to $13,798.1 million.
[Read more]
RCBC to put up more overseas branches, remittance centers
By TED P. TORRES
The Philippine Star
The Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) is boosting its global presence as it plans to open several overseas branches in Europe and the United States within the next three years as well as put up at least eight new remittance centers in Canada, the US, the Middle East and the United Kingdom.
RCBC currently operates 17 remittance contact points internationally, each having an expansive branch network translating to nearly 800 worldwide.
RCBC Overseas Filipino Banking Group head Alfredo S. del Rosario Jr. said that the bank would also offer deposit accounts, investments, trust, bancassurance, business and property solutions to overseas Filipino workers (OFWs) and migrant Filipinos. [Read more]
The Philippine Star
The Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) is boosting its global presence as it plans to open several overseas branches in Europe and the United States within the next three years as well as put up at least eight new remittance centers in Canada, the US, the Middle East and the United Kingdom.
RCBC currently operates 17 remittance contact points internationally, each having an expansive branch network translating to nearly 800 worldwide.
RCBC Overseas Filipino Banking Group head Alfredo S. del Rosario Jr. said that the bank would also offer deposit accounts, investments, trust, bancassurance, business and property solutions to overseas Filipino workers (OFWs) and migrant Filipinos. [Read more]
Friday, 21 September 2007
Poland Tries to Woo Its Young Back Home
Young Polish workers have flocked in the hundreds of thousands to the UK, Ireland and Sweden to find work since Poland's EU entry in 2004. Now Poland is faced with a serious lack of skilled workers and Warsaw wants to entice them back home.
One of Poland's biggest exports since joining the European Union has been its own people. But now Warsaw has decided the brain drain needs to be reversed and the government has launched a campaign to entice the migrants to come back home.
In one of the biggest exoduses in post-war Europe, between 1.2 and 2 million of Poland's 38 million people have opted to leave home and seek their fortunes in the booming economies of the United Kingdom and Ireland, as well as Sweden. These three countries were the only EU member states to welcome the new Eastern European workforce with open arms in 2004, and it has paid off. The host nations estimate the labor injection has helped to keep inflation and wages in check and further boosted the economy.
But while many of the young Poles are enjoying their new lives so much they want to put down roots, their native Poland has now decided it needs them back. [Read more]
One of Poland's biggest exports since joining the European Union has been its own people. But now Warsaw has decided the brain drain needs to be reversed and the government has launched a campaign to entice the migrants to come back home.
In one of the biggest exoduses in post-war Europe, between 1.2 and 2 million of Poland's 38 million people have opted to leave home and seek their fortunes in the booming economies of the United Kingdom and Ireland, as well as Sweden. These three countries were the only EU member states to welcome the new Eastern European workforce with open arms in 2004, and it has paid off. The host nations estimate the labor injection has helped to keep inflation and wages in check and further boosted the economy.
But while many of the young Poles are enjoying their new lives so much they want to put down roots, their native Poland has now decided it needs them back. [Read more]
Ghana to have migration policy soon
Cabinet has approved the setting up of a Migration Unit within the Ministry of the Interior to develop a migration policy framework for the country. The proposed policy would, among others, regularise the stay of foreign nationals in the country and collate data on Ghanaians resident abroad.
The Minister of State at the Ministry of the Interior, Nana Obiri Boahen, who made this known, said the proposed unit would co-ordinate the national activities in the area of migration with the view to "addressing the relationship between migration and development".
He was speaking in Accra yesterday at the opening of a four-day African migration workshop on Understanding the Migration Dynamics on the Continent. [Read more]
The Minister of State at the Ministry of the Interior, Nana Obiri Boahen, who made this known, said the proposed unit would co-ordinate the national activities in the area of migration with the view to "addressing the relationship between migration and development".
He was speaking in Accra yesterday at the opening of a four-day African migration workshop on Understanding the Migration Dynamics on the Continent. [Read more]
Indian firm to enter Philippine remittance market
NQUIRER.netLast updated 04:06pm (Mla time) 09/20/2007
Global IT company aurionPro Solutions Ltd. is setting up a development hub in the Philippines to create cutting-edge software solutions, including remittance products that will help local banks get a bigger slice of the USD 28-billion pie.
The ten-year-old Indian technology product and solutions firm with headquarters in Mumbai recently set up operations in the Philippines as part of its global expansion plans.
“We see the Philippines as a growth area in the region and a great launch pad to develop some of our cash management, treasury and risk management products,” said Krishan Grover, aurionPro Global sales director and Southeast Asia business head. [Read more]
Global IT company aurionPro Solutions Ltd. is setting up a development hub in the Philippines to create cutting-edge software solutions, including remittance products that will help local banks get a bigger slice of the USD 28-billion pie.
The ten-year-old Indian technology product and solutions firm with headquarters in Mumbai recently set up operations in the Philippines as part of its global expansion plans.
“We see the Philippines as a growth area in the region and a great launch pad to develop some of our cash management, treasury and risk management products,” said Krishan Grover, aurionPro Global sales director and Southeast Asia business head. [Read more]
New Report Lays Out Future of Migration in Europe
Press Release
News > Press Release
For Immediate ReleaseSeptember 12, 2007Contact: Colleen Coffey, 202-266-1910ccoffey@migrationpolicy.org
New Report Lays Out Future of Migration in Europe
A functioning migration system in Europe must treat sending and transit countries as genuine partners, according to a new report lead written by Migration Policy Institute President Demetrios G. Papademetriou and Senior European Policy Fellow Gregory A. Maniatis.
Gaining from Migration: Towards a New Mobility System is the culmination of more than three years of comprehensive research by a group of internationally renowned policy experts. Published by the Organisation for Economic Co-operation and Development (OECD), it will be released tomorrow in Lisbon during the European Union's Ministerial Conference on Legal Migration. The Portuguese government has made a comprehensive approach to migration management a top policy priority for its EU Presidency, and MPI is assisting the Presidency with its work on migration.
The report notes that EU policymakers should forego restrictive rhetoric and instead create more legal channels and flexible options for immigrants’ entry and stay, because doing so will attract workers in industries that most need them. At the same time, and in recognition of the fact that immigration cannot succeed unless immigrants integrate successfully, European countries must become more flexible in giving immigrants access to their labor markets and political systems.
Taking these steps, according to the report, would not only make the European Union more economically competitive in the global marketplace, they would generate public confidence in policymakers’ ability to govern on migration. [Read more]
News > Press Release
For Immediate ReleaseSeptember 12, 2007Contact: Colleen Coffey, 202-266-1910ccoffey@migrationpolicy.org
New Report Lays Out Future of Migration in Europe
A functioning migration system in Europe must treat sending and transit countries as genuine partners, according to a new report lead written by Migration Policy Institute President Demetrios G. Papademetriou and Senior European Policy Fellow Gregory A. Maniatis.
Gaining from Migration: Towards a New Mobility System is the culmination of more than three years of comprehensive research by a group of internationally renowned policy experts. Published by the Organisation for Economic Co-operation and Development (OECD), it will be released tomorrow in Lisbon during the European Union's Ministerial Conference on Legal Migration. The Portuguese government has made a comprehensive approach to migration management a top policy priority for its EU Presidency, and MPI is assisting the Presidency with its work on migration.
The report notes that EU policymakers should forego restrictive rhetoric and instead create more legal channels and flexible options for immigrants’ entry and stay, because doing so will attract workers in industries that most need them. At the same time, and in recognition of the fact that immigration cannot succeed unless immigrants integrate successfully, European countries must become more flexible in giving immigrants access to their labor markets and political systems.
Taking these steps, according to the report, would not only make the European Union more economically competitive in the global marketplace, they would generate public confidence in policymakers’ ability to govern on migration. [Read more]
Philippines: New Report Probes Efforts to Protect Migrant Workers
WASHINGTON — The home countries of international labor migrants can play a major role in protecting temporary workers, says a new report from the Migration Policy Institute. Protecting Overseas Workers: Lessons and Cautions from the Philippines details how a welfare fund financed by migrants has placed a safety net under overseas workers from the Philippines, home to the largest organized labor-export program in the world.
As temporary worker programs and the treatment of migrant workers gain increased international attention, both the accomplishments and the limitations of the Philippines’ experience offer guidance for policymakers in other countries seeking to expand temporary migration programs.
The report, by Dovelyn Agunias of MPI and Neil Ruiz of the Brookings Institution, evaluates the management of the world’s largest worker welfare fund, the Philippines’ Overseas Workers Welfare Administration. As of December 2006, nearly a quarter of the Philippines’ labor force — almost 9 percent of the population — lived in more than 190 countries. Remittances sent from Filipino migrants in 2006 reached US$12.8 billion and are projected to approach the US$15 billion mark in 2007.
OWWA, a quasi-governmental organization funded by $25 membership fees from workers or, more rarely, their employers, is designed to protect and provide services for migrant workers.
As of May 2007, OWWA had over 1 million members, representing 28 percent of the estimated 3.8 million Filipinos who worked abroad legally on temporary contracts. [Read more]
As temporary worker programs and the treatment of migrant workers gain increased international attention, both the accomplishments and the limitations of the Philippines’ experience offer guidance for policymakers in other countries seeking to expand temporary migration programs.
The report, by Dovelyn Agunias of MPI and Neil Ruiz of the Brookings Institution, evaluates the management of the world’s largest worker welfare fund, the Philippines’ Overseas Workers Welfare Administration. As of December 2006, nearly a quarter of the Philippines’ labor force — almost 9 percent of the population — lived in more than 190 countries. Remittances sent from Filipino migrants in 2006 reached US$12.8 billion and are projected to approach the US$15 billion mark in 2007.
OWWA, a quasi-governmental organization funded by $25 membership fees from workers or, more rarely, their employers, is designed to protect and provide services for migrant workers.
As of May 2007, OWWA had over 1 million members, representing 28 percent of the estimated 3.8 million Filipinos who worked abroad legally on temporary contracts. [Read more]
Wednesday, 19 September 2007
Philippines: iRemit opens second European unit
iRemit, Inc., the remittance firm up for listing with the Philippine Stock Exchange next month, has opened its second European subsidiary on September 16 in Vienna, Austria.
According to company estimates, there are currently 30,000 Filipinos, mostly female nurses, working in Austria.
iRemit is the largest Filipino-owned nonbank remittance firm in the Philippines. It entered the market in 2001 and has kept its business growing with the help of its 24-hour, bank-to-bank service transactions and remittance through VISA debit card.
It currently operates in 24 countries in the Asia-Pacific region, Europe, Middle East and North America. [Read more]
According to company estimates, there are currently 30,000 Filipinos, mostly female nurses, working in Austria.
iRemit is the largest Filipino-owned nonbank remittance firm in the Philippines. It entered the market in 2001 and has kept its business growing with the help of its 24-hour, bank-to-bank service transactions and remittance through VISA debit card.
It currently operates in 24 countries in the Asia-Pacific region, Europe, Middle East and North America. [Read more]
Pakistan: Country’s remittances rise 21.35% to $985.20m
KARACHI: Remittances sent home by overseas Pakistanis continued to rise as an amount of $985.20 million was received in the first two months (July-August) of the current fiscal year 2007-08, showing an increase of $173.35 million or 21.35 percent over the same period of last fiscal year.
The monthly average remittances for the period July-August, 2007 was $492.60 million as compared with $405.93 million during the corresponding period of last fiscal year, registering an increase of 21.35 percent.
The inflow of remittances during July-August period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $265.33 million, $202.40 million, $156.88 million, $142.88 million, $82.81 million and $28.88 million, respectively as compared to $203.59 million, $165.34 million, $124.97 million, $115.42 million, $69.38 million and $24.60 million, in the July-August period of last fiscal year. [Read more]
The monthly average remittances for the period July-August, 2007 was $492.60 million as compared with $405.93 million during the corresponding period of last fiscal year, registering an increase of 21.35 percent.
The inflow of remittances during July-August period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $265.33 million, $202.40 million, $156.88 million, $142.88 million, $82.81 million and $28.88 million, respectively as compared to $203.59 million, $165.34 million, $124.97 million, $115.42 million, $69.38 million and $24.60 million, in the July-August period of last fiscal year. [Read more]
Monday, 17 September 2007
Philippines: OFW money, foreign investments boost reserves
Dollar hoard exceeds BSP’s forecast for 2007
By Maricel E. Burgonio Reporter
THE end-August dollar surplus exceeded the Bangko Sentral ng Pilipinas’ (BSP) full-year forecast, as strong inflows of overseas Filipino workers’ (OFW) remittances and foreign investments continue to boost the country’s foreign exchange reserves.
BSP data showed the country’s balance of payments (BOP) surplus rose to $6.75 billion in the first eight months this year compared with $2.5 billion in the same period last year. In August alone, the country’s dollar surplus reached $2.21 billion, from only $259 million last year.
The central bank had forecast a full-year surplus of only $6.3 billion.
[Read more]
By Maricel E. Burgonio Reporter
THE end-August dollar surplus exceeded the Bangko Sentral ng Pilipinas’ (BSP) full-year forecast, as strong inflows of overseas Filipino workers’ (OFW) remittances and foreign investments continue to boost the country’s foreign exchange reserves.
BSP data showed the country’s balance of payments (BOP) surplus rose to $6.75 billion in the first eight months this year compared with $2.5 billion in the same period last year. In August alone, the country’s dollar surplus reached $2.21 billion, from only $259 million last year.
The central bank had forecast a full-year surplus of only $6.3 billion.
[Read more]
Sunday, 16 September 2007
Migration is positive, says Brussels
The European Union executive plans to encourage legal migration into Europe to plug labour shortages caused by a declining, ageing population, EU officials said today.
EU Home Affairs Commissioner Franco Frattini said he would present proposals to member states on October 23rd aimed at reversing a trend drawing skilled migrants to competitors such as the United States and unskilled workers to Europe.
Prime Minister Jose Socrates of Portugal, which currently holds the EU presidency, urged support for the proposal, saying it was crucial to meet labour shortages and curb illegal immigration and people trafficking.
Mr Frattini said 85 per cent of unskilled third-country labour was going to the 27-nation EU and only 5 per cent of skilled labour. The United States was attracting 55 per cent of skilled migrants and only 5 per cent of unskilled labour.
"We have to reverse these figures with a new vision," Mr Frattini told a conference on legal migration. [Read more]
EU Home Affairs Commissioner Franco Frattini said he would present proposals to member states on October 23rd aimed at reversing a trend drawing skilled migrants to competitors such as the United States and unskilled workers to Europe.
Prime Minister Jose Socrates of Portugal, which currently holds the EU presidency, urged support for the proposal, saying it was crucial to meet labour shortages and curb illegal immigration and people trafficking.
Mr Frattini said 85 per cent of unskilled third-country labour was going to the 27-nation EU and only 5 per cent of skilled labour. The United States was attracting 55 per cent of skilled migrants and only 5 per cent of unskilled labour.
"We have to reverse these figures with a new vision," Mr Frattini told a conference on legal migration. [Read more]
Friday, 14 September 2007
Mexico: Growth of worker remittances back to Mexico slows to trickle
By Stephen DinanSeptember 13, 2007
Remittances to Mexico — the money Mexican workers in the U.S. send back home — barely rose in the first half of this year, breaking a streak of phenomenal growth and raising the prospect that Mexico's second-largest source of foreign income is stagnating.
From 2003 to 2006, remittances averaged nearly 20 percent growth per year. That fell to less than 1 percent for the first six months of this year, compared with the first half of last year, according to a Migration Policy Institute report that based its data on Bank of Mexico figures.
Remittances fell 4 percent in June this year, compared with June 2006, though July's numbers rebounded at 4 percent more than July 2006.
[Read more]
Remittances to Mexico — the money Mexican workers in the U.S. send back home — barely rose in the first half of this year, breaking a streak of phenomenal growth and raising the prospect that Mexico's second-largest source of foreign income is stagnating.
From 2003 to 2006, remittances averaged nearly 20 percent growth per year. That fell to less than 1 percent for the first six months of this year, compared with the first half of last year, according to a Migration Policy Institute report that based its data on Bank of Mexico figures.
Remittances fell 4 percent in June this year, compared with June 2006, though July's numbers rebounded at 4 percent more than July 2006.
[Read more]
Philippines: Remittances vulnerable
Remittances, one of the cornerstones of the economy, will be adversely affected by the slowing down of the US economy.
Analysts fear that a recession in that country will have a bigger bite on the amount of money sent home by those living in the US compared to its impact on exports.
Similarly with 10 percent of the population working abroad, its impact will be considerable on almost every other Filipino family.
Frances Cheung, economist of the British banking giant, Standard Chartered Bank, yesterday said that "while the Philippines ’ trade linkage with the US is not particularly strong compared to its many other Asian neighbors, over half of the OFW remittances come from the Americas , particularly the US".
"Recent monthly remittance flows have been volatile. Nevertheless, it rose by a decent 18 percent year on year in the first half," she said.
A growth in OFW inflows of between 10-15 percent for the whole year in 2007, which is in line with the government’s 10-percent forecast, is "good enough to support spending," the Hong Kong-based analyst said.
[Read more]
Analysts fear that a recession in that country will have a bigger bite on the amount of money sent home by those living in the US compared to its impact on exports.
Similarly with 10 percent of the population working abroad, its impact will be considerable on almost every other Filipino family.
Frances Cheung, economist of the British banking giant, Standard Chartered Bank, yesterday said that "while the Philippines ’ trade linkage with the US is not particularly strong compared to its many other Asian neighbors, over half of the OFW remittances come from the Americas , particularly the US".
"Recent monthly remittance flows have been volatile. Nevertheless, it rose by a decent 18 percent year on year in the first half," she said.
A growth in OFW inflows of between 10-15 percent for the whole year in 2007, which is in line with the government’s 10-percent forecast, is "good enough to support spending," the Hong Kong-based analyst said.
[Read more]
Australia: Banks charge islanders 55c in the dollar to remit money
Florence Chong September 14, 2007
THE World Bank has urged Australian financial institutions to lower transactions fees on remittances by Pacific Island migrant workers.
Pacific Island communities in Australia and New Zealand were charged fees ranging from 15 to 50 per cent for each transaction, the Washington-based bank said.
Remittances to the Pacific region tripled over the past decade to reach $US425 billion last year - half of which originated from Australia and New Zealand, the most recent figures show. Collectively, they remitted at least $260 million last year from Australia and New Zealand, through Australian banks and money transfer operators.
The bank's Sydney-based chief economist for the Pacific region, Manjula Luthria, said yesterday that these workers were paying up to 55c for every dollar they sent home.
For every $100 sent, she said, they paid $35 in remittance fees, $15 for "pick-up fees" and other foreign exchange charges, which could take the total fees charged to about $55 for each transfer. [Read more]
THE World Bank has urged Australian financial institutions to lower transactions fees on remittances by Pacific Island migrant workers.
Pacific Island communities in Australia and New Zealand were charged fees ranging from 15 to 50 per cent for each transaction, the Washington-based bank said.
Remittances to the Pacific region tripled over the past decade to reach $US425 billion last year - half of which originated from Australia and New Zealand, the most recent figures show. Collectively, they remitted at least $260 million last year from Australia and New Zealand, through Australian banks and money transfer operators.
The bank's Sydney-based chief economist for the Pacific region, Manjula Luthria, said yesterday that these workers were paying up to 55c for every dollar they sent home.
For every $100 sent, she said, they paid $35 in remittance fees, $15 for "pick-up fees" and other foreign exchange charges, which could take the total fees charged to about $55 for each transfer. [Read more]
Philippines: OFW deployment, remittances to surpass '07 target
The Department of Labor and Employment (DOLE) expects global deployment and total remittances of overseas Filipino workers (OFWs) to hit above target for the rest of 2007.Labor Secretary Arturo D. Brion said that with strong employment opportunities abroad, deployment of OFWs could breach the one-million mark and total remittances could hit the US$ 14-billion level by December.
Deployment of workers overseas already hit the one-million mark in 2006 while remittances reached $12.8 billion. The Bangko Sentral ng Pilipinas has been expecting remittances to grow by 10 percent and reach $14.7 billion by the end of 2007 and $15.4 billion in 2008.DOLE records show that in June, deployment was already over 500,000, distributed in more than 190 destinations worldwide. He said, deployment reached 725,999 on August 31, representing more than two-thirds (72.6 percent) of the 1-million target. [Read more]
Deployment of workers overseas already hit the one-million mark in 2006 while remittances reached $12.8 billion. The Bangko Sentral ng Pilipinas has been expecting remittances to grow by 10 percent and reach $14.7 billion by the end of 2007 and $15.4 billion in 2008.DOLE records show that in June, deployment was already over 500,000, distributed in more than 190 destinations worldwide. He said, deployment reached 725,999 on August 31, representing more than two-thirds (72.6 percent) of the 1-million target. [Read more]
Philippines: OFW remittances up 4.6% to $1.1B in July
7-month total inflow rose 16% to $8.1BBy Doris DumlaoInquirerLast updated 01:20am (Mla time) 09/15/2007
Manila, Philippines -- Money sent home by overseas Filipino workers rose by 4.6 percent in July to $1.1 billion over a year ago as the banking system intensified efforts to capture more of these funds.
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. on Friday reported that the July inflows brought the total remittances in the first seven months to $8.1 billion, 16 percent higher year-on-year.
“Sustained growth in remittances was achieved as banks continued to provide overseas Filipinos and their beneficiaries greater access to financial services, including their savings and investment needs,” Tetangco said.
“In particular, banks continued to establish strategic marketing agreements in countries with high density of Filipino workers. The increasing number of remittance centers and tie-ups overseas facilitated the transfer of remittances resulting, in turn, to the better capture of these types of transactions,” he said. [Read more]
Manila, Philippines -- Money sent home by overseas Filipino workers rose by 4.6 percent in July to $1.1 billion over a year ago as the banking system intensified efforts to capture more of these funds.
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. on Friday reported that the July inflows brought the total remittances in the first seven months to $8.1 billion, 16 percent higher year-on-year.
“Sustained growth in remittances was achieved as banks continued to provide overseas Filipinos and their beneficiaries greater access to financial services, including their savings and investment needs,” Tetangco said.
“In particular, banks continued to establish strategic marketing agreements in countries with high density of Filipino workers. The increasing number of remittance centers and tie-ups overseas facilitated the transfer of remittances resulting, in turn, to the better capture of these types of transactions,” he said. [Read more]
Monday, 10 September 2007
UK: Olympic Workers Strike Gold as Mobile Plus and FE-Mobile Enable Low-Value Payments and Remittances
Migrant and expatriate workers will soon be able to send money home to friends and family, quickly, simply and securely without incurring punitive charges and delays.
FE-Mobile will enable the Mobile Plus remittance service to be accessed on the move 24/7 from a mobile handset in a convenient, secure user-friendly way
London, UK (PRWEB) September 10, 2007 -- Migrant and expatriate workers will soon be able to send money home to friends and family, quickly, simply and securely without incurring punitive charges and delays. Money can be transmitted instantly; all the user needs is access to a phone.
Mobile Plus Ltd provides low-cost international call credit and remittance services using a dual purpose card. FE Mobile Ltd provides the SecureLink™ mobile security platform.
Ahead of the World Economic Summit India in December 2007 both companies have announced that they are working together to deliver solutions aimed at providing a low-value, low-cost international remittance service and a universal payments mechanism for use within developing countries. Mobile Plus which operates worldwide is in advanced negotiations with several African institutions following a successful pilot in Nigeria in July 2007. [Read more]
Ghana: No fee for transfers above £250 — Barclays
Barclays Bank of Ghana Limited has announced that money transfers above £250 from the United Kingdom to Ghana through the bank will not attract any fee. The bank also announced its intention to make available $25 million to the Micro Credit and Small Loans Centre (MASLOC) for on-lending to small and medium-scale enterprises (SMEs).
The Chief Executive Officer of the bank’s Global Retail and Commercial Banking, Mr Frits Seegers, announced this and explained that the move was to further support the Ghanaian economy with inward remittances, which were increasing. Mr Seegers made the announcement at a dinner in Accra at the weekend to inaugurate Offshore Banking by the bank in Ghana and to climax the 90th anniversary of the bank, as well as celebrate the 50th anniversary of the country. [Read more]
The Chief Executive Officer of the bank’s Global Retail and Commercial Banking, Mr Frits Seegers, announced this and explained that the move was to further support the Ghanaian economy with inward remittances, which were increasing. Mr Seegers made the announcement at a dinner in Accra at the weekend to inaugurate Offshore Banking by the bank in Ghana and to climax the 90th anniversary of the bank, as well as celebrate the 50th anniversary of the country. [Read more]
Philippines: OFW remittances seen to grow 5% in 2008
By DES FERRIOLS
The Philippine Star
The Bangko Sentral ng Pilipinas (BSP) said Monday that remittances from overseas Filipinos would grow by only five percent to $15.435 billion next year compared with $14.7 billion this year.
The slowdown in remittances was the expected result of the steady decline in the deployment of workers abroad as global economy also slows down in the wake of an anticipated economic recession in the US.
BSP Governor Amando Tetangco Jr. reported the 2008 estimate before the Senate Monday, scaling down the growth projection next year against this year’s 10 percent projected grown in remittances from overseas Filipino workers (OFWs). [Read more]
The Philippine Star
The Bangko Sentral ng Pilipinas (BSP) said Monday that remittances from overseas Filipinos would grow by only five percent to $15.435 billion next year compared with $14.7 billion this year.
The slowdown in remittances was the expected result of the steady decline in the deployment of workers abroad as global economy also slows down in the wake of an anticipated economic recession in the US.
BSP Governor Amando Tetangco Jr. reported the 2008 estimate before the Senate Monday, scaling down the growth projection next year against this year’s 10 percent projected grown in remittances from overseas Filipino workers (OFWs). [Read more]
Sunday, 9 September 2007
PSE mulls over scheme luring OFWs to trade
The Philippine Stock Exchange is mulling over allowing third parties to sell contracts for difference (CFD) to overseas Filipino workers (OFWs) to enable them to trade at the local bourse without leaving their present country of residence.
Francis Lim, PSE president, said the CFD, which is an equity derivative product, is an alternative for Filipinos who would like to buy Philippine stocks while they are abroad and unable to open an account with local brokerage firms.
A CFD would allow investors to gain exposure to share price movements without directly owning the underlying shares with a direct one-to-one relationship in price and quantity.
Philippines: OFW remittances spent mostly on food in 3rd qtr
Families who received remittances from their relatives abroad spent more on food and other household needs and less on acquisition of cars and houses in the third quarter of the year compared to their spending habits in the previous quarter.
The third quarter Consumer Expectations Survey of the Bangko Sentral ng Pilipinas showed that 94.1 percent of the 5, 093 households polled (2, 558 in Metro Manila and 2, 535 outside the NCR) spent the monies they received primarily on food and other household needs, from 91.8 percent in the second quarter.
However, the survey indicated an increasing trend in the number of households setting aside part of the remittances for savings from only 15.7 percent in the second quarter to 19.8 percent in the third quarter. In the first quarter, only 7.2 percent of households said they placed an amount for savings. [Read more]
The third quarter Consumer Expectations Survey of the Bangko Sentral ng Pilipinas showed that 94.1 percent of the 5, 093 households polled (2, 558 in Metro Manila and 2, 535 outside the NCR) spent the monies they received primarily on food and other household needs, from 91.8 percent in the second quarter.
However, the survey indicated an increasing trend in the number of households setting aside part of the remittances for savings from only 15.7 percent in the second quarter to 19.8 percent in the third quarter. In the first quarter, only 7.2 percent of households said they placed an amount for savings. [Read more]
Jobs Abroad Support ‘Model’ State in India
By JASON DePARLE
TRIVANDRUM, India — This verdant swath of southern Indian coastline is a famously good place to be poor. People in the state of Kerala live nearly as long as Americans do, on a sliver of the income. They read at nearly the same rates.
With leftist governments here in the state capital spending heavily on health and schools, a generation of scholars has celebrated the “Kerala model” as a humane alternative to market-driven development, a vision of social equality in an unequal capitalist world. But the Kerala model is under attack, one outbound worker at a time.
Plagued by chronic unemployment, more Keralites than ever work abroad, often at sun-scorched jobs in the Persian Gulf that pay about $1 an hour and keep them from their families for years. The cash flowing home now helps support nearly one Kerala resident in three. That has some local scholars rewriting the Kerala story: far from escaping capitalism, they say, this celebrated corner of the developing world is painfully dependent on it.
“Remittances from global capitalism are carrying the whole Kerala economy,” said S. Irudaya Rajan, a demographer at the Center for Development Studies, a local research group. “There would have been starvation deaths in Kerala if there had been no migration. The Kerala model is good to read about but not practically applicable to any part of the world, including Kerala.”
Thursday, 6 September 2007
GHANA: African Governments Urged To Prioritise Money Transfer Sector
Mr. Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning on Tuesday called on African governments to prioritise the money transfer sector and formulate appropriate policies that would turn the sector into a concrete capital pool to boost their economies.
He said barriers, which would be identified, as impeding such efforts should be removed to get the best results for development. Mr. Baah-Wiredu made the call at a two-day regional consultation on migration, remittances and development in Accra attended by about 45 participants from 15 African countries, including least developed countries which were selected based on their size of remittances inflows and on-going innovative work on remittances.
The meeting, organised by the United Nations Development Programme (UNDP) seeks to create an intra-Africa dialogue in the Diaspora to explore strategic options to maximise the developmental impact of remittances, provide recommendations for actions and assist UNDP in sharpening its focus on future work in the area at country level with special attention on the needs of the least developed countries. [Read more]
He said barriers, which would be identified, as impeding such efforts should be removed to get the best results for development. Mr. Baah-Wiredu made the call at a two-day regional consultation on migration, remittances and development in Accra attended by about 45 participants from 15 African countries, including least developed countries which were selected based on their size of remittances inflows and on-going innovative work on remittances.
The meeting, organised by the United Nations Development Programme (UNDP) seeks to create an intra-Africa dialogue in the Diaspora to explore strategic options to maximise the developmental impact of remittances, provide recommendations for actions and assist UNDP in sharpening its focus on future work in the area at country level with special attention on the needs of the least developed countries. [Read more]
SOMALIA: INTERVIEW-Goats and remittances keep Somali economy afloat
By Jack Kimball ASMARA, Sept 5 (Reuters) - Livestock exports and money sent home by Somalis abroad have propped up the Horn of Africa nation's economy despite a war over the New Year that gave way to an Iraq-style insurgency, the World Bank said on Wednesday.
Somalia's entrepreneurs have learned to thrive despite a lack of government, feuding warlords and an Islamist-led guerrilla war targeting security forces and their Ethiopian allies, who overthrew a sharia courts group in January. "The conflict did not have a negative impact on remittance inflows, which stay around $800 million to $1 billion annually," said Chris Lovelace, World Bank country manager for Somalia. Funds transfers by Somalis abroad made up nearly 70 percent of the economy, he told Reuters in an interview in the Eritrean capital Asmara. [Read more]
Somalia's entrepreneurs have learned to thrive despite a lack of government, feuding warlords and an Islamist-led guerrilla war targeting security forces and their Ethiopian allies, who overthrew a sharia courts group in January. "The conflict did not have a negative impact on remittance inflows, which stay around $800 million to $1 billion annually," said Chris Lovelace, World Bank country manager for Somalia. Funds transfers by Somalis abroad made up nearly 70 percent of the economy, he told Reuters in an interview in the Eritrean capital Asmara. [Read more]
Bangladeshi Remittances Up 18 Percent To $1 Billion
Siddique Islam - AHN South Asia Correspondent
Dhaka, Bangladesh (AHN) - Remittances sent by Bangladeshis working abroad reached $1.0 billion USD in the first two months of the current fiscal year, up 18.86 percent from a year ago.
Bangladeshis received $1.05 billion from July to August, up from $884 million last year, according to estimates from the central bank of Bangladesh.
"We are hopeful about a rise in the flow of inward remittances in the month of September due to the Holy Ramadan as well as Eid-ul-Fitre festival," a senior official with the Bangladesh Bank (BB) told AHN in Dhaka.
The country's foreign exchange reserve stood at $5.24 billion USD on Wednesday, thanks to a robust growth of remittances from the expatriate Bangladeshis, another BB official added.
The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send their money through formal banking channels instead of the illegal "hundi" system.
Tuesday, 4 September 2007
Philippines: $1 remittance fee for overseas Pinoys bared
A nationwide federation of cooperatives launched on Tuesday a one-dollar remittance scheme for overseas Filipinos.
Dubbed as National Cash Card program, or simply N-Cash, the new remittance system offers overseas Filipinos a much cheaper option in sending money to their loved ones in the Philippines.
It is a project of the National Confederation of Cooperatives (Natcco) in coordination with the government-owned Development Bank of the Philippines.
Natcco executive officer Cresente Paez told newsmen in a press conference at the project launching at the Asian Institute of Management (AIM) in Makati City that even Filipino TNTs (short for tago ng tago) can avail themselves of the lower remittance fee. [Read more]
Dubbed as National Cash Card program, or simply N-Cash, the new remittance system offers overseas Filipinos a much cheaper option in sending money to their loved ones in the Philippines.
It is a project of the National Confederation of Cooperatives (Natcco) in coordination with the government-owned Development Bank of the Philippines.
Natcco executive officer Cresente Paez told newsmen in a press conference at the project launching at the Asian Institute of Management (AIM) in Makati City that even Filipino TNTs (short for tago ng tago) can avail themselves of the lower remittance fee. [Read more]
ALBANIA: Remittances aid families of immigrants
By William J. Kole
September 4, 2007
September 4, 2007
TIRANA, Albania (AP) — One sweaty wad of bills or $200 Western Union wire transfer at a time, millions of immigrants around the world form what could be called Immigration Inc. — one of the biggest businesses on the planet.
Globally, remittances — the cash that immigrants send home — totaled nearly $276 billion in 2006, according to the World Bank. Remittances have more than doubled since 2000, and with globalization increasing the number of people on the move, there's no end in sight. [Read more]
Start-up wires money using wireless phone
By Jon Van
September 3, 2007
People use mobile phones to take photos, play music and send text messages, and maybe soon to send money to relatives abroad.
That's the goal of a start-up company based in Rolling Meadows called aKos Technology Corp. and its founder, Daniel Csoka. By next summer, customers in the U.S. should be sending millions of dollars to Mexico via their cell phones, Csoka said.
He envisions "a virtual Western Union" for those who don't have bank accounts. Today, people Csoka calls "the unbanked" have few choices in sending money beyond going to a Western Union outlet and paying cash that will be wired abroad for the recipient to pick up. These transactions typically come with hefty fees, he said. [Read more]
September 3, 2007
People use mobile phones to take photos, play music and send text messages, and maybe soon to send money to relatives abroad.
That's the goal of a start-up company based in Rolling Meadows called aKos Technology Corp. and its founder, Daniel Csoka. By next summer, customers in the U.S. should be sending millions of dollars to Mexico via their cell phones, Csoka said.
He envisions "a virtual Western Union" for those who don't have bank accounts. Today, people Csoka calls "the unbanked" have few choices in sending money beyond going to a Western Union outlet and paying cash that will be wired abroad for the recipient to pick up. These transactions typically come with hefty fees, he said. [Read more]
Remittances from Mexico rise in July
That was a quick recovery!
MEXICO CITY
Remittances from Mexicans living abroad rebounded in July, rising 4 percent compared to the same month last year to US$2.11 billion (euro1.55 billion), the Bank of Mexico said Monday.
The inflows had registered a year-on-year decline in both May and June amid a U.S. economic slowdown and crackdown on migration at the U.S.-Mexico border.
Mexicans sent US$13.6 billion (euro10 billion) back home through July, up from US$13.4 billion in the first seven months of 2006.
Remittances in recent years have become one of the top sources of foreign inflows to Mexico. Last year, remittances grew 15.1 percent to a record US$23.05 billion (euro16.9 billion).
Sunday, 2 September 2007
Mexico Sees a Decline in Remittances
Global Market Brief
August 30, 2007 19 30 GMT
Numerous factors are contributing to a stagnation or slowdown in the growth rate of remittances Mexican migrant workers send back to Mexico from the United States. These remittances will not suddenly evaporate, but the Mexican government cannot count on the continuation of what has until now been a substantial source of income for the Mexican people. The government will therefore need to look inward and consider domestic reforms to begin preparing for the decline in funds from migrants in the United States. Because remittances provide a safety net for many of Mexico's poor communities, the poor states and communities in central and southern Mexico will be much more affected by any decline in remittances than will the wealthier states in the North. [Read more]
August 30, 2007 19 30 GMT
Numerous factors are contributing to a stagnation or slowdown in the growth rate of remittances Mexican migrant workers send back to Mexico from the United States. These remittances will not suddenly evaporate, but the Mexican government cannot count on the continuation of what has until now been a substantial source of income for the Mexican people. The government will therefore need to look inward and consider domestic reforms to begin preparing for the decline in funds from migrants in the United States. Because remittances provide a safety net for many of Mexico's poor communities, the poor states and communities in central and southern Mexico will be much more affected by any decline in remittances than will the wealthier states in the North. [Read more]
Subscribe to:
Posts (Atom)