Western Union Co., the global leader in money transfer services, has tied up with the country’s two largest mobile phone companies - Globe Telecoms and Smart Communications -in a bid to capture a wider market of overseas Filipinos.
Smart and Western Union have agreed to develop a mobile money transfer service in the country that will make low-denomination, high-frequency remittances to the country’s more than eight million overseas Filipino workers (OFWs).
“This agreement is in line with Smart’s thrust to continuously develop low-cost and convenient mobile remittance channels and communications services for overseas Filipino workers," Napoleon Nazareno, president of Smart, explained. [Read more]
Thursday, 31 January 2008
Thursday, 24 January 2008
Global Forum on Migration and Development 2008, Manila, Philippines
Ayala Foundation, Inc. spearheads the Civil Society Days of the 2nd Global Forum on Migration and Development
The Department of foreign Affairs (DFA) has designated the Ayala Foundation, Inc. (AFI) as the convenor of the Civil Society Days for the the second Global Forum on Migration and Development that will be held in Manila this October 2008.
In a simple ceremony held at the Ayala Museum on January 14, 2008, the DFA, represented by Undersecretary Esteban Conejos, and AFI, represented by its President, Ms. Vicky P. Garchitorena inked the partnership assigning the first two days of the Global Forum to civil society panel discussions and interaction with the following couple of days as the intergovernmental discussions with the DFA as convenor. The 2nd Global Forum on Migration and Development is scheduled for October 27-30 in Manila with international civil society representatives meeting on October 27-28 and government representatives meeting on October 29-30. An informal joint session is scheduled on October 28. Over 170 countries are expected to be represented at the Forum.
The signing ceremony was witnessed by Foreign Affairs Secretary Alberto Romulo, Ayala Corporation president Fernando Zobel de Ayala, and SGV founder Washington SyCip, who is also a member of the Philippine Organizing Committee for the GFMD. [Read more]
The Department of foreign Affairs (DFA) has designated the Ayala Foundation, Inc. (AFI) as the convenor of the Civil Society Days for the the second Global Forum on Migration and Development that will be held in Manila this October 2008.
In a simple ceremony held at the Ayala Museum on January 14, 2008, the DFA, represented by Undersecretary Esteban Conejos, and AFI, represented by its President, Ms. Vicky P. Garchitorena inked the partnership assigning the first two days of the Global Forum to civil society panel discussions and interaction with the following couple of days as the intergovernmental discussions with the DFA as convenor. The 2nd Global Forum on Migration and Development is scheduled for October 27-30 in Manila with international civil society representatives meeting on October 27-28 and government representatives meeting on October 29-30. An informal joint session is scheduled on October 28. Over 170 countries are expected to be represented at the Forum.
The signing ceremony was witnessed by Foreign Affairs Secretary Alberto Romulo, Ayala Corporation president Fernando Zobel de Ayala, and SGV founder Washington SyCip, who is also a member of the Philippine Organizing Committee for the GFMD. [Read more]
Send me a number
Jan 3rd 2008
From The Economist print edition
Migrants' remittances help ease poverty back home, but they are not a cure-all
SEVEN years into the century a remarkable figure was produced. Foreigners in America sent home $275m in a single year, a total not far short of the value of all the gold mined in America. They used 2,625 money agents to do so, mostly through grocers, bakers and other small immigrant shops. New York alone had 500, Chicago 75 and Pittsburgh 50. The New York Times gasped at the numbers a little later, in 1910, and noted that migrants were shunning bigger banks as “the Italian and the Magyar and the Croat and the Slovak [are] simple, ignorant foreigners”.
The sum of $275m in 1907 was $6.2 billion in today's money. That sounds a lot until you look at the current figures, which are probably in the region of $240 billion-300 billion. Neglected for some time by academics and policymakers, remittances have recently been rediscovered and have become the darling of many development experts. [Read more]
From The Economist print edition
Migrants' remittances help ease poverty back home, but they are not a cure-all
SEVEN years into the century a remarkable figure was produced. Foreigners in America sent home $275m in a single year, a total not far short of the value of all the gold mined in America. They used 2,625 money agents to do so, mostly through grocers, bakers and other small immigrant shops. New York alone had 500, Chicago 75 and Pittsburgh 50. The New York Times gasped at the numbers a little later, in 1910, and noted that migrants were shunning bigger banks as “the Italian and the Magyar and the Croat and the Slovak [are] simple, ignorant foreigners”.
The sum of $275m in 1907 was $6.2 billion in today's money. That sounds a lot until you look at the current figures, which are probably in the region of $240 billion-300 billion. Neglected for some time by academics and policymakers, remittances have recently been rediscovered and have become the darling of many development experts. [Read more]
Bangladesh: BRAC Bank, Merchantrade launch remittance services
BRAC Bank Limited and Merchantrade Asia Sdn Bhd (Merchantrade), a recognised remittance service provider in Malaysia, launched remittance services, especially for Bangladeshi migrant workforce in Malaysia recently.
BRAC Bank Probashi Banking Service Head Naushad Hussain and Merchantrade Managing Director (MD) Ramasamy Veeran were present at the agreement signing ceremony on behalf of their respective organisations, said a press release issued by the bank.
"BRAC Bank is considered one of the largest players in the remittance market of Bangladesh and the agreement with Merchantrade is another milestone to establish its goal," said Naushad.
[Read more]
BRAC Bank Probashi Banking Service Head Naushad Hussain and Merchantrade Managing Director (MD) Ramasamy Veeran were present at the agreement signing ceremony on behalf of their respective organisations, said a press release issued by the bank.
"BRAC Bank is considered one of the largest players in the remittance market of Bangladesh and the agreement with Merchantrade is another milestone to establish its goal," said Naushad.
[Read more]
Peso to hit 37.2:$ in 2008 as remittances pour in - HSBC
Investment lender HSBC said Thursday it expects the Philippine peso to surge to as high as P37.2 against the US dollar this year, due to strong foreign exchange inflows from overseas Filipinos and investments.
However HSBC said, the strong local currency will accompany a slowdown in the country's economic expansion. The lender said the Philippines' gross domestic product will only grow 5.9 percent in 2008, after expanding more than 7 percent in the first three quarters of 2007.
HSBC said average inflation for the year will be 4.1 percent.
[Read more]
However HSBC said, the strong local currency will accompany a slowdown in the country's economic expansion. The lender said the Philippines' gross domestic product will only grow 5.9 percent in 2008, after expanding more than 7 percent in the first three quarters of 2007.
HSBC said average inflation for the year will be 4.1 percent.
[Read more]
Sunday, 20 January 2008
Metropolis 2008, Bonn, Germany
Overview of the Conference
This conference will explore the inter-relationships between migration, immigrant integration, and development. The intent is to bring to the foreground issues that are often lost when we discuss these general topics in isolation from one another. In this way we hope to uncover new aspects of Metropolis' traditional areas of interest, new avenues for research, and areas for policy development that have been neglected in the past.
For societies seeking to attract immigrants, integration is of course an important consideration, and will be a key theme of the conference. What does integration mean and what does it entail? How do migration policies affect integration outcomes and policies? For example, if demographic imperatives are paramount, how might this affect a country's approach to integration? Conversely, if migration is seen primarily as a transitional and temporary solution to labour market problems, what implications does that have for integration policies? Or if it is apparent that migration has become more volatile and 'transnational', what does that mean for integration policies? Finally, how have integration policies addressed social and economic discrimination and other barriers to integration? Is there a need for a stronger link between integration and anti-discrimination activities? And is there a competing minority perspective within the prevalent discourse on immigrant integration? If so, how significant is it to the development of policy? [Read more]
This conference will explore the inter-relationships between migration, immigrant integration, and development. The intent is to bring to the foreground issues that are often lost when we discuss these general topics in isolation from one another. In this way we hope to uncover new aspects of Metropolis' traditional areas of interest, new avenues for research, and areas for policy development that have been neglected in the past.
For societies seeking to attract immigrants, integration is of course an important consideration, and will be a key theme of the conference. What does integration mean and what does it entail? How do migration policies affect integration outcomes and policies? For example, if demographic imperatives are paramount, how might this affect a country's approach to integration? Conversely, if migration is seen primarily as a transitional and temporary solution to labour market problems, what implications does that have for integration policies? Or if it is apparent that migration has become more volatile and 'transnational', what does that mean for integration policies? Finally, how have integration policies addressed social and economic discrimination and other barriers to integration? Is there a need for a stronger link between integration and anti-discrimination activities? And is there a competing minority perspective within the prevalent discourse on immigrant integration? If so, how significant is it to the development of policy? [Read more]
UAE and India postal authorities to launch money order service
Competition in the money transfer business is heating up after Emirates Post and India Post agreed to jointly launch a service that will deliver payments to customers’ doorsteps.
The alliance will offer an electronic money order service using the United Postal Union’s secure International Financial System (IFS) – a global network of 660,000 post offices.
The partners hope the scale of the operation will enable them to challenge Western Union Money Transfer, which dominates the remittance market globally.
India Post has a network of 155,333 post offices, the largest in the world, which covers the remotest corners of the country. [Read more]
The alliance will offer an electronic money order service using the United Postal Union’s secure International Financial System (IFS) – a global network of 660,000 post offices.
The partners hope the scale of the operation will enable them to challenge Western Union Money Transfer, which dominates the remittance market globally.
India Post has a network of 155,333 post offices, the largest in the world, which covers the remotest corners of the country. [Read more]
Remittances Into Vietnam +21.7% To Record $5.6 Billion-Report
ri, Jan 18 2008, 05:39 GMT
Remittances Into Vietnam +21.7% To Record $5.6 Billion-Report HANOI -(Dow Jones)-
Vietnamese living and working overseas repatriated a record $5.6 billion in remittances last year, up 21.7%, state media said Friday, citing a government official.
"Total remittances were up by more than $1 billion from 2006," the Tuoi Tre (Youth) newspaper quoted Nguyen Thanh Son, director of Vietnam's State Committee for Overseas Vietnamese, as saying. Son said overseas Vietnamese, known as Vietkieus, have invested about $2 billion in 3,000 projects in the country. [Read more]
Remittances Into Vietnam +21.7% To Record $5.6 Billion-Report HANOI -(Dow Jones)-
Vietnamese living and working overseas repatriated a record $5.6 billion in remittances last year, up 21.7%, state media said Friday, citing a government official.
"Total remittances were up by more than $1 billion from 2006," the Tuoi Tre (Youth) newspaper quoted Nguyen Thanh Son, director of Vietnam's State Committee for Overseas Vietnamese, as saying. Son said overseas Vietnamese, known as Vietkieus, have invested about $2 billion in 3,000 projects in the country. [Read more]
Dominican Republic’s remittances reach a record US$2.B in 2007
ANTO DOMINGO.- In 2007 money remittances to the Domincan Republic reached US$2.980 million, a record in the 10 years since the figures have been registered.
With a population of some 9 million and with 14 percent living abroad- around 1.5 million according to an Immigration Department estimate- to establish a remittances business in Dominican Republic should be a true "hit," though in the last few years "this work is in frank decay," said Dominican Currency Remittance Companies Association (Aderedi) president Freddy Ortiz. [Read more]
With a population of some 9 million and with 14 percent living abroad- around 1.5 million according to an Immigration Department estimate- to establish a remittances business in Dominican Republic should be a true "hit," though in the last few years "this work is in frank decay," said Dominican Currency Remittance Companies Association (Aderedi) president Freddy Ortiz. [Read more]
RP to seek better remittance system at Davos meet -- DFA
y Veronica UyINQUIRER.netFirst Posted 17:15:00 01/15/2008
MANILA, Philippines -- The country will seek a better system of managing remittances for its eight million overseas Filipino workers on the sideline of the upcoming World Economic Forum (WEF) in Davos, Switzerland, Foreign Affairs Secretary Alberto Romulo said Tuesday.
In his departure statement, Romulo said that as the world's number one supplier of manpower, the Philippines will raise the issue of migrant workers' protection during the dialogue session of the Community of the West and Islam on Migration and Remittances.
"We have more than eight million Filipino overseas who contribute to the development of our nation and host states. As a function of international migration, we can gain valuable insight and greater understanding of remittances as a development tool," said Romulo, who left for Europe Monday night. [Read more]
MANILA, Philippines -- The country will seek a better system of managing remittances for its eight million overseas Filipino workers on the sideline of the upcoming World Economic Forum (WEF) in Davos, Switzerland, Foreign Affairs Secretary Alberto Romulo said Tuesday.
In his departure statement, Romulo said that as the world's number one supplier of manpower, the Philippines will raise the issue of migrant workers' protection during the dialogue session of the Community of the West and Islam on Migration and Remittances.
"We have more than eight million Filipino overseas who contribute to the development of our nation and host states. As a function of international migration, we can gain valuable insight and greater understanding of remittances as a development tool," said Romulo, who left for Europe Monday night. [Read more]
Remittances from OFWs in UAE drop 40.3% in Nov
Apparently because of the boycott called by overseas Filipino workers in the first week of November, remittances from the United Arab Emirates dropped by 40.3 percent to $27.85 million, from $46.7 million in November.
Quoting a source from the Dubai foreign exchange center, Khaleej Times reported on Sunday that the decrease in the month remittances was unusual considering that it was already the start of preparations for the Christmas holidays.The report said the drop was also because of the continued appreciation of the dirham against the US dollars. [Read more]
Quoting a source from the Dubai foreign exchange center, Khaleej Times reported on Sunday that the decrease in the month remittances was unusual considering that it was already the start of preparations for the Christmas holidays.The report said the drop was also because of the continued appreciation of the dirham against the US dollars. [Read more]
Friday, 18 January 2008
Guidebook helps banks tap into booming immigrant remittance market
The millions of immigrants who send money to relatives back home, be it India or El Salvador, are part of a potentially huge new market for banks.
Immigrants who lack bank accounts are both targeted by thieves as "walking ATM machines" for the large amounts of cash they carry and at the mercy of money transfer companies, which often charge usurious fees. But a nonprofit group seeking to level the playing field for "unbanked" immigrants issued a guide today to help banks and other financial institutions tap into the booming remittance market.
The guide, "Banking in a Global Market," released by the Washington-based Appleseed Network, helps explain to banks and credit unions the reasons many immigrants don't use banks, compares various models some banks currently employ, including partnering with a money transfer operator and offering dual ATM cards, and offers a step-by-step guide for how to set up a remittance program. [Read more]
Immigrants who lack bank accounts are both targeted by thieves as "walking ATM machines" for the large amounts of cash they carry and at the mercy of money transfer companies, which often charge usurious fees. But a nonprofit group seeking to level the playing field for "unbanked" immigrants issued a guide today to help banks and other financial institutions tap into the booming remittance market.
The guide, "Banking in a Global Market," released by the Washington-based Appleseed Network, helps explain to banks and credit unions the reasons many immigrants don't use banks, compares various models some banks currently employ, including partnering with a money transfer operator and offering dual ATM cards, and offers a step-by-step guide for how to set up a remittance program. [Read more]
India: PIO remittance to surpass $40 billion-mark in 2008-09
New Delhi, Jan 13 It’s not the foreign stock market investors alone pumping in billions of dollars into India —the total remittance from persons of India origin living abroad coming into the country is expected to be a whopping $ 40 billion in the current fiscal ending in March.This would represent a four-fold surge from just about $ 10 billion in the fiscal year 1997-98.
According to data compiled by research and analytics firm Evalueserve, remittance from PIOs has been steadily rising in the last ten years, primarily due to liberalisation of the country’s Economy. The figure stood at $ 10 billion in 1997-98 and rose to about $ 27 billion in fiscal year 2006-07, ended in March 2007. [Read more]
According to data compiled by research and analytics firm Evalueserve, remittance from PIOs has been steadily rising in the last ten years, primarily due to liberalisation of the country’s Economy. The figure stood at $ 10 billion in 1997-98 and rose to about $ 27 billion in fiscal year 2006-07, ended in March 2007. [Read more]
India: Remittances to India under strict scrutiny
by VM Sathish on Thursday,January 3,2008
Exchange houses in the Gulf catering to non-resident Indians (NRIs) have begun to take a second look at their clients’ accounts after India’s central bank imposed strict regulations on Indian banks receiving funds from exchange companies.
The move by the Reserve Bank of India (RBI) is an attempt to control the increasing influx of capital into the stock markets and lotteries from NRIs. The huge inflows of foreign wealth have been increasing speculation in the Indian market, which the government fears is artificial and unhealthy, said analysts.
The number of companies offering remittance services to India has been growing in the Gulf and the introduction of net-based cash transaction services has lead to a boom in outlets competing to receive remittances.
Salim Gangadharan, chief general manager of the RBI Foreign Exchange Department, asked exchange companies in the Gulf to make sure their accounts are not used for commercial purposes or to remit money for trading purposes. [Read more]
Exchange houses in the Gulf catering to non-resident Indians (NRIs) have begun to take a second look at their clients’ accounts after India’s central bank imposed strict regulations on Indian banks receiving funds from exchange companies.
The move by the Reserve Bank of India (RBI) is an attempt to control the increasing influx of capital into the stock markets and lotteries from NRIs. The huge inflows of foreign wealth have been increasing speculation in the Indian market, which the government fears is artificial and unhealthy, said analysts.
The number of companies offering remittance services to India has been growing in the Gulf and the introduction of net-based cash transaction services has lead to a boom in outlets competing to receive remittances.
Salim Gangadharan, chief general manager of the RBI Foreign Exchange Department, asked exchange companies in the Gulf to make sure their accounts are not used for commercial purposes or to remit money for trading purposes. [Read more]
Moldova: Official remittance at over 1 billion USD
Info-Prim Neo, 17.01.2008
The official remittances exceeded 1 billion USD in 2007 for the first time, Info-Prim Neo reports.
According to the National Bank of Moldova, the Moldovans working abroad over January-November 2007 transferred home about 1.09 billion USD. In November, remittances totalled 117.55 million USD or almost two times more than in January.
Over 75% of the total remittances (818.86 million USD) were transferred through money transfer systems. [Read More]
The official remittances exceeded 1 billion USD in 2007 for the first time, Info-Prim Neo reports.
According to the National Bank of Moldova, the Moldovans working abroad over January-November 2007 transferred home about 1.09 billion USD. In November, remittances totalled 117.55 million USD or almost two times more than in January.
Over 75% of the total remittances (818.86 million USD) were transferred through money transfer systems. [Read More]
Remittances grow 3.8% to $1.2B in Nov 2007
Remittances from overseas Filipinos coursed through banks rose 3.8 percent in November to $1.2 billion, the Bangko Sentral ng Pilipinas reported Tuesday.In a statement, the BSP said earnings sent home for the first eleven months of 2007 reached $13.1 billion, 14.1 percent higher than the $11.4 billion registered in the same period in 2006.Bulk of remittance flows came from the United States, UK, Italy, United Arab Emirates, Saudi Arabia, Canada, Singapore, Japan, and Hong Kong.
"The sustained strong remittance flows in November reflected the continued rise in the number of deployed overseas workers," the central bank said. [Read more]
"The sustained strong remittance flows in November reflected the continued rise in the number of deployed overseas workers," the central bank said. [Read more]
Philippines: Slowdown in OFW remittance growth to indicate US economic meltdown
THE GOVERNMENT should keep watch on remittance inflows from overseas Filipino workers (OFWs) as a slower growth posted in November may be indicative of weaker inflows in the near term.
"The monthly growth numbers of OFW remittances bear watching as this may indicate whether the feared recession in the US is beginning to have an impact on the money flow from overseas Filipinos," brokerage house Philippine Equity Partners, Inc. said in a research note. [Read more]
"The monthly growth numbers of OFW remittances bear watching as this may indicate whether the feared recession in the US is beginning to have an impact on the money flow from overseas Filipinos," brokerage house Philippine Equity Partners, Inc. said in a research note. [Read more]
Pakistan: THE RUPEE: 30 paisa gain in interbank market
First half remittances up 19.40 percent
KARACHI (January 18, 2008): Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,066.33 million was received in the first half (July-December 2007) of the current fiscal year 2007-08, showing an increase of $498.31 million or 19.40 percent over the same period of the last fiscal year. Source
KARACHI (January 18, 2008): Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,066.33 million was received in the first half (July-December 2007) of the current fiscal year 2007-08, showing an increase of $498.31 million or 19.40 percent over the same period of the last fiscal year. Source
The Global Remittance Guide
Remittances are among the most tangible links between migration and development. Officially recorded flows totaled over US$280 billion worldwide in 2006. Nearly three-quarters were sent to developing countries. In 22 countries, remittances were equal to more than 10 percent of Gross Domestic Product (GDP) in 2006; in six countries they were equal to more than 20 percent of GDP.
Learn about remittance trends and patterns of the world, six regions, and the top remittances-receiving countries in terms of the volume and the share of GDP, by selecting the geography of interest. Click on one of the two maps below to visualize global remittance flows, either numerically or as a share of GDP.
Note: These data only capture remittances sent through formal channels such as banks and money transfer operators. Currently, no uniform and authoritative historical data on informal flows exist. However, where estimates of informal remittances are available, we include them in the remittances profiles. Given the widespread use of informal remittance channels in many countries, the remittance data presented in this guide should be regarded as underestimates of the total flows. [Read more]
Learn about remittance trends and patterns of the world, six regions, and the top remittances-receiving countries in terms of the volume and the share of GDP, by selecting the geography of interest. Click on one of the two maps below to visualize global remittance flows, either numerically or as a share of GDP.
Note: These data only capture remittances sent through formal channels such as banks and money transfer operators. Currently, no uniform and authoritative historical data on informal flows exist. However, where estimates of informal remittances are available, we include them in the remittances profiles. Given the widespread use of informal remittance channels in many countries, the remittance data presented in this guide should be regarded as underestimates of the total flows. [Read more]
Sunday, 13 January 2008
Bangladesh: Flow Of Foreign Remittances In Last Year Sets New Record
DHAKA, Jan 9 (Bernama) -- Flow of foreign remittances during the last one year has set a new record in the country as a result of different pragmatic steps taken by the present caretaker government after taking office on January 11, 2007.Bangladesh news agency (BSS) reported Wednesday that experts from private and public sectors hope that flow of foreign remittances in the country is expected to break all previous records at the end of this financial year if the current trend is continued in this sector.
According to the statistics available in the Ministry of Labour and Employment, a total of US$5.93 billion foreign remittance has come in the country from January to December 24 last year.On the other hand, the country has set a new record by earning a total of US$61.86 million only in the month of November last year which is all time high against the previous years. [Read more]
According to the statistics available in the Ministry of Labour and Employment, a total of US$5.93 billion foreign remittance has come in the country from January to December 24 last year.On the other hand, the country has set a new record by earning a total of US$61.86 million only in the month of November last year which is all time high against the previous years. [Read more]
India: Remittances to India under strict scrutiny
03 January 2008Exchange houses in the Gulf catering to non-resident Indians (NRIs) have begun to take a second look at their clients' accounts after India's central bank imposed strict regulations on Indian banks receiving funds from exchange companies.
The move by the Reserve Bank of India (RBI) is an attempt to control the increasing influx of capital into the stock markets and lotteries from NRIs. The huge inflows of foreign wealth have been increasing speculation in the Indian market, which the government fears is artificial and unhealthy, said analysts.
The number of companies offering remittance services to India has been growing in the Gulf and the introduction of net-based cash transaction services has lead to a boom in outlets competing to receive remittances.
[Read more]
The move by the Reserve Bank of India (RBI) is an attempt to control the increasing influx of capital into the stock markets and lotteries from NRIs. The huge inflows of foreign wealth have been increasing speculation in the Indian market, which the government fears is artificial and unhealthy, said analysts.
The number of companies offering remittance services to India has been growing in the Gulf and the introduction of net-based cash transaction services has lead to a boom in outlets competing to receive remittances.
[Read more]
Philippines: Almost 3,000 Filipinos Leaving for Work Abroad Daily Despite Low Exchange Rate
Gloria Esguerra Melencio, Arab News
MANILA, 11 January 2008 — Work abroad remains enticing as an average of 2,941 Filipinos left the Philippines every day to work overseas, mainly in the Middle East last year, despite the continuing decrease in the value of remittances due to fluctuating the peso-dollar exchange rate.
Preliminary data from the Philippine Overseas Employment Administration (POEA) revealed that remittances by Overseas Filipino Workers (OFWs) have increased by 21.92 percent with May 2006 total remittances of $1 million jumping to January 2007 remittances of $5.9 million. [Read more]
MANILA, 11 January 2008 — Work abroad remains enticing as an average of 2,941 Filipinos left the Philippines every day to work overseas, mainly in the Middle East last year, despite the continuing decrease in the value of remittances due to fluctuating the peso-dollar exchange rate.
Preliminary data from the Philippine Overseas Employment Administration (POEA) revealed that remittances by Overseas Filipino Workers (OFWs) have increased by 21.92 percent with May 2006 total remittances of $1 million jumping to January 2007 remittances of $5.9 million. [Read more]
Moroccan expatriates' remittances, tourist receipts over January-November 2007
Rabat, Jan. 3 - Moroccan expatriates' remittances and tourist receipts posted, over the period January-November 2007, respectively a 17.2% and 13.8% rise, compared to the same period of the previous year, according to figures released by the Office des Changes (Exchange Office).
Tourist receipts totaled, by late November, some USD 7Bn as against USD 6Bn in the same period of 2006. Compared with the average of receipts by the end of November over 2002-2006 (USD 4Bn), receipts rose by 57.2%. [Read more]
Tourist receipts totaled, by late November, some USD 7Bn as against USD 6Bn in the same period of 2006. Compared with the average of receipts by the end of November over 2002-2006 (USD 4Bn), receipts rose by 57.2%. [Read more]
Philippines: High Remittances Attributed to Shift in OFW Employment Pattern
Iloilo City -- The continued high remittances from the Overseas Filipino Workers (OFWs) had been attributed to the shift in employment pattern.Labor Secretary Arturo Brion said the reason for this is that the country had more professional and skilled workers going overseas rather than the non-skilled workers.
Brion noted that in 2006, 60 percent of the more than one million OFWs were professionals, while 40 percent were non-skilled workers.He said that in 2007 the deployment of skilled overseas workers increased to 73 percent compared to 27 percent for non-skilled workers, including domestic workers. [Read more]
Brion noted that in 2006, 60 percent of the more than one million OFWs were professionals, while 40 percent were non-skilled workers.He said that in 2007 the deployment of skilled overseas workers increased to 73 percent compared to 27 percent for non-skilled workers, including domestic workers. [Read more]
Indian Ex-Pats Will Direct Investment into Social Projects
January 05, 2008 - 23:00, The Peninsula - Quatar
THE NR EYE: Focus on investment in social projects
Indian officials have made it plain that they’ve given up using the annual diaspora conclave as a platform to woo investments of overseas Indians.
"The investment or money has not been forthcoming. Therefore, we decided that we will not ask for any investment this year (at Pravasi Bharatiya Divas 2008) but seek partnership from NRIs for philanthropic projects," Overseas Indian Affairs Minister Vayalar Ravi told the media recently.
In India, the contributions made by migrants are not readily apparent in economic terms. Overseas Chinese, for example, accounted for 80 per cent or more of the inward foreign direct investment into China in the 1980s and early 1990s, when that country opened up. By contrast, Non-resident Indians (NRIs) accounted for 10 per cent or less of inward FDI after India opened up. Most of the capital sent to India by NRIs has been personal transfers to family and friends, not FDI. [Read more]
THE NR EYE: Focus on investment in social projects
Indian officials have made it plain that they’ve given up using the annual diaspora conclave as a platform to woo investments of overseas Indians.
"The investment or money has not been forthcoming. Therefore, we decided that we will not ask for any investment this year (at Pravasi Bharatiya Divas 2008) but seek partnership from NRIs for philanthropic projects," Overseas Indian Affairs Minister Vayalar Ravi told the media recently.
In India, the contributions made by migrants are not readily apparent in economic terms. Overseas Chinese, for example, accounted for 80 per cent or more of the inward foreign direct investment into China in the 1980s and early 1990s, when that country opened up. By contrast, Non-resident Indians (NRIs) accounted for 10 per cent or less of inward FDI after India opened up. Most of the capital sent to India by NRIs has been personal transfers to family and friends, not FDI. [Read more]
US Dollar Decline Impacts Immigrant Remittances
By Nathan King
New York 03 January 2008
The value of the U.S. dollar has dropped about 20 percent against a basket of major currencies in the last five years. This decline has been especially tough for immigrants who work in the United States and send money to their families back home. As Nathan King reports from New York, these dollar remittances are key for the economies in many developing nations.
Eric Amaoako says he is working harder to send money home to his wife and his parents in GhanaNo weekends off and as much overtime as he can get. Eric Amaoako lives and works in New York, but has four children, a wife and his parents relying on the $200 he sends back home each month to Ghana.
In previous years, life hasn't been this hard for Amaoako. But because of the continued depreciation of the U.S. dollar, the money he sends home has less purchasing power so he has had to work harder and longer to send more. [Read more]
New York 03 January 2008
The value of the U.S. dollar has dropped about 20 percent against a basket of major currencies in the last five years. This decline has been especially tough for immigrants who work in the United States and send money to their families back home. As Nathan King reports from New York, these dollar remittances are key for the economies in many developing nations.
Eric Amaoako says he is working harder to send money home to his wife and his parents in GhanaNo weekends off and as much overtime as he can get. Eric Amaoako lives and works in New York, but has four children, a wife and his parents relying on the $200 he sends back home each month to Ghana.
In previous years, life hasn't been this hard for Amaoako. But because of the continued depreciation of the U.S. dollar, the money he sends home has less purchasing power so he has had to work harder and longer to send more. [Read more]
UK/Africa: CUSTOMER CHARTER PROMISES BETTER DEAL FOR FAMILIES WHO SEND MONEY TO LOVED ONES IN AFRICA
Press Releases - Thu, 10 Jan 2008
Consumers sending money to family and friends overseas will gain new safeguards under a new customer charter for money transfer companies launched today by International Development Minister Shahid Malik.
People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies. Yet many find the process difficult and insecure.
Charges vary widely and the total cost to send £100 to some countries can range from less than £4 to as much as £40.According to research by the Department for International Development (DFID), the biggest worry for those sending money is whether it will arrive safely, followed by excessive charges and delays to relatives receiving the money. [Read more]
Consumers sending money to family and friends overseas will gain new safeguards under a new customer charter for money transfer companies launched today by International Development Minister Shahid Malik.
People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies. Yet many find the process difficult and insecure.
Charges vary widely and the total cost to send £100 to some countries can range from less than £4 to as much as £40.According to research by the Department for International Development (DFID), the biggest worry for those sending money is whether it will arrive safely, followed by excessive charges and delays to relatives receiving the money. [Read more]
Ghana: Economic Importance Of Foreign Remittances
Business/Finance - Fri, 04 Jan 2008
Remittances over the years, as the records indicate, have played a significant role in the socio-economic development of the country and are also emerging as one of the leading contributors to Ghana’s Gross Domestic Product (GDP).
Information accessible at the Bank of Ghana reveals that from January to November 2006, private inward transfers from non-governmental organisations (NGOs), individuals and other institutions through the Bank of Ghana and other financial institutions stood at US$4.25 billion, representing the largest source of foreign exchange into the country.
Again, for the first quarter of 2007, according to figures released by the Bank of Ghana, remittances to the country totalled US$1.52 billion, representing an increase of about 17.1 per cent over the same period last year. [Read more]
Remittances over the years, as the records indicate, have played a significant role in the socio-economic development of the country and are also emerging as one of the leading contributors to Ghana’s Gross Domestic Product (GDP).
Information accessible at the Bank of Ghana reveals that from January to November 2006, private inward transfers from non-governmental organisations (NGOs), individuals and other institutions through the Bank of Ghana and other financial institutions stood at US$4.25 billion, representing the largest source of foreign exchange into the country.
Again, for the first quarter of 2007, according to figures released by the Bank of Ghana, remittances to the country totalled US$1.52 billion, representing an increase of about 17.1 per cent over the same period last year. [Read more]
Value of OFWs is not in $12-B annual remittance
By Willy E. ArcillaPhilippine Daily InquirerFirst Posted 00:04:00 01/14/2008
MANILA, Philippines--THERE IS AN an urgent and pressing need to arrest if not reverse the chronic brain drain led by the millions of OFWs and emigres by addressing their reasons for leaving: The lack of opportunities at home to improve their quality of life and provide for a better future for their families.
It is lamentable to hear top government leaders celebrating the exodus of OFWs in anticipation of their monthly remittances that only feed private consumption spending. [Read more]
MANILA, Philippines--THERE IS AN an urgent and pressing need to arrest if not reverse the chronic brain drain led by the millions of OFWs and emigres by addressing their reasons for leaving: The lack of opportunities at home to improve their quality of life and provide for a better future for their families.
It is lamentable to hear top government leaders celebrating the exodus of OFWs in anticipation of their monthly remittances that only feed private consumption spending. [Read more]
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