By ALETA NIEVA
abs-cbnNEWS.com
The world's first card-less and real-time mobile phone remittance service that would allow overseas Filipino Workers to remit small values frequently at affordable fees was launched today, an executive of a Philippine-based telecommunications firm told abs-cbnnews.com.
Rizza Maniego-Eala, president of Globe's mobile commerce arm G-Xchange Inc. said its remittance service partnership with Western Union, the world's largest money transfer network for sending and receiving money, will commence with a pilot remittance from Hawaii to the Philippines. [Read more]
Thursday, 31 July 2008
Wednesday, 30 July 2008
Mexican officials eye decline in remittances sent home by migrant workers
By Associated Press
11:37 PM CDT, July 29, 2008
MEXICO CITY (AP) _ Half-year figures are expected to show the first sustained decline on record in remittances sent home by Mexicans working abroad, officials said.
The downturn in U.S. housing construction and stepped-up immigration raids have made it tougher for migrants to find jobs, and less able to send money home. Mexico's Central Bank is scheduled to release figures on the remittance flow on Wednesday.
Jesus Cervantes, director of economic measurement for Mexico's central bank, said remittances are expected to decline 1.5 percent to 2 percent for 2008 as a whole over the previous year.
Cervantes said that would be the first such sustained drop since a reliable tally has been kept. [Read More]
11:37 PM CDT, July 29, 2008
MEXICO CITY (AP) _ Half-year figures are expected to show the first sustained decline on record in remittances sent home by Mexicans working abroad, officials said.
The downturn in U.S. housing construction and stepped-up immigration raids have made it tougher for migrants to find jobs, and less able to send money home. Mexico's Central Bank is scheduled to release figures on the remittance flow on Wednesday.
Jesus Cervantes, director of economic measurement for Mexico's central bank, said remittances are expected to decline 1.5 percent to 2 percent for 2008 as a whole over the previous year.
Cervantes said that would be the first such sustained drop since a reliable tally has been kept. [Read More]
Philippine's Globe Telecom Launches World's First Real-Time Mobile Phone Remittance Service
Written by ANC News
Wednesday, July 30, 2008 03:10 PM Attention, open in a new window. PDFPrintE-mail
Philippines
Manila, Philippines -Telecommunications firm GLOBE today launched the world's first ever card-less and real-time mobile phone remittance service that would allow overseas Filipino Workers to send money to their loved ones at affordable fees.
Globe's new remittance service will involve the use of G-CASH and will be done in partnership with Western Union, the world's largest money transfer network.
Filipinos overseas can now go to any Western Union Office to send their mobile money transfer to the Philippines at a charge of a little over US $4 per transaction, a far cry from the 15 to 20 dollar charges in other modes of remittance.
But because the new service involves the mobile phone, remitters can send just 100 dollars or less. Source
Wednesday, July 30, 2008 03:10 PM Attention, open in a new window. PDFPrintE-mail
Philippines
Manila, Philippines -Telecommunications firm GLOBE today launched the world's first ever card-less and real-time mobile phone remittance service that would allow overseas Filipino Workers to send money to their loved ones at affordable fees.
Globe's new remittance service will involve the use of G-CASH and will be done in partnership with Western Union, the world's largest money transfer network.
Filipinos overseas can now go to any Western Union Office to send their mobile money transfer to the Philippines at a charge of a little over US $4 per transaction, a far cry from the 15 to 20 dollar charges in other modes of remittance.
But because the new service involves the mobile phone, remitters can send just 100 dollars or less. Source
India: Remittances
NRI remittances touched the magic figure of USD 24.1 billion in 2005-2006, making India the largest recipient of personal money transfers in the world. Remittances and flow of funds from migrant workers to India is a key resource in its emerging economy. Remittances from NRIs and the deposits maintained by them form a generous component (about 23%) of our external reserves.
A working report by the RBI on the cost of NRI remittances in May 2006 found that money flows are determined by the economic health in the host country. The dollars poured in from the Middle East workers in the 1980s, but the source of remittances has now shifted to the West, mainly the USA. This shift in source, says the study, has also meant that growth potential for remittance flows has now moved to traditionally high cost economies which will affect cost of NRI remittances.
Currently, the Middle East contributes to 35% of total inward remittances, followed by 30 to 35% from North America, 20% from Europe, and 10% from other regions. The global remittance market is estimated at $110 billion, including India-bound remittances of almost $11 billion. [Read more]
A working report by the RBI on the cost of NRI remittances in May 2006 found that money flows are determined by the economic health in the host country. The dollars poured in from the Middle East workers in the 1980s, but the source of remittances has now shifted to the West, mainly the USA. This shift in source, says the study, has also meant that growth potential for remittance flows has now moved to traditionally high cost economies which will affect cost of NRI remittances.
Currently, the Middle East contributes to 35% of total inward remittances, followed by 30 to 35% from North America, 20% from Europe, and 10% from other regions. The global remittance market is estimated at $110 billion, including India-bound remittances of almost $11 billion. [Read more]
Mexico sees decline in migrant remittances
The Associated Press
Tue, Jul 29, 2008 (9:54 p.m.)
Half-year figures are expected to show the first sustained decline on record in remittances sent home by Mexicans working abroad, officials said.
The downturn in U.S. housing construction and stepped-up immigration raids have made it tougher for migrants to find jobs, and less able to send money home. Mexico's Central Bank is scheduled to release figures on the remittance flow on Wednesday.
Jesus Cervantes, director of economic measurement for Mexico's central bank, said remittances are expected to decline 1.5 percent to 2 percent for 2008 as a whole over the previous year.
Cervantes said that would be the first such sustained drop since a reliable tally has been kept.
Annual remittances nearly tripled from about US$9 billion in 2001 to almost US$24 billion in 2007, amid improved reporting methods and swelling immigration.
Businesses in many Mexican towns that came to rely on the cash flow are now being forced to scale back _ also in part because of the decline of the U.S. dollar, which has lost almost 8 percent of its value against the Mexican peso this year.
Money sent home by Mexican migrants is the country's second-largest legal source of foreign income, after oil exports. Source
Tue, Jul 29, 2008 (9:54 p.m.)
Half-year figures are expected to show the first sustained decline on record in remittances sent home by Mexicans working abroad, officials said.
The downturn in U.S. housing construction and stepped-up immigration raids have made it tougher for migrants to find jobs, and less able to send money home. Mexico's Central Bank is scheduled to release figures on the remittance flow on Wednesday.
Jesus Cervantes, director of economic measurement for Mexico's central bank, said remittances are expected to decline 1.5 percent to 2 percent for 2008 as a whole over the previous year.
Cervantes said that would be the first such sustained drop since a reliable tally has been kept.
Annual remittances nearly tripled from about US$9 billion in 2001 to almost US$24 billion in 2007, amid improved reporting methods and swelling immigration.
Businesses in many Mexican towns that came to rely on the cash flow are now being forced to scale back _ also in part because of the decline of the U.S. dollar, which has lost almost 8 percent of its value against the Mexican peso this year.
Money sent home by Mexican migrants is the country's second-largest legal source of foreign income, after oil exports. Source
Monday, 28 July 2008
UK NRIs top remittance to India
London, July 28 India is among the top recipients of money sent by expatriates in Britain, according to a survey conducted by the Department for International Development (DFID).
The survey reveals that more than a third of ethnic minority households, which responded to a UK-wide survey, sent an average 870 pounds back home to their families living in some of the poorest parts of Africa and Asia last year.
Considered the most comprehensive look at the private money transfer habits of Britain's Asian, African, Caribbean and Chinese communities, the survey reveals some new characteristics. Its key findings are:
* About 38 percent of ethnic minority households that responded to the survey sent an average of 870 pounds back home last year, the equivalent of an overseas holiday.
* Of the 50 plus developing countries receiving money from the UK, the five largest recipients were Nigeria, India, Pakistan, Jamaica and Ghana.
* The average income of the senders was 22,000 pounds and 70 percent were aged 25-44 years old. [Read more]
The survey reveals that more than a third of ethnic minority households, which responded to a UK-wide survey, sent an average 870 pounds back home to their families living in some of the poorest parts of Africa and Asia last year.
Considered the most comprehensive look at the private money transfer habits of Britain's Asian, African, Caribbean and Chinese communities, the survey reveals some new characteristics. Its key findings are:
* About 38 percent of ethnic minority households that responded to the survey sent an average of 870 pounds back home last year, the equivalent of an overseas holiday.
* Of the 50 plus developing countries receiving money from the UK, the five largest recipients were Nigeria, India, Pakistan, Jamaica and Ghana.
* The average income of the senders was 22,000 pounds and 70 percent were aged 25-44 years old. [Read more]
Uganda: Gov’t urged to promote kyeyo
Dorothy Nakaweesi
Kampala
The Government has been challenged to come up with deliberate measures that will promote and develop ‘Kyeyo’ services, which are increasingly boosting the country’s economy through the enormous remittances.
Diaspora remittances have, over the last decade become very important because of the role they play in development efforts in developing countries across the globe.
This was reiterated by Uganda’s Finance Minister Ezra Suruma while reading the 2008/09 budget on June 12. He said: “Remittances are increasingly becoming a major source of foreign exchange earnings, and are playing a strategic role in supporting macroeconomic stability as well as private investment”.
Last year remittances from Ugandans working and living abroad almost doubled to $1.4 million (Shs2.24 billion) up from close to $700 million (Shs1.12 trillion) a figure recorded in 2006. [Read More]
Kampala
The Government has been challenged to come up with deliberate measures that will promote and develop ‘Kyeyo’ services, which are increasingly boosting the country’s economy through the enormous remittances.
Diaspora remittances have, over the last decade become very important because of the role they play in development efforts in developing countries across the globe.
This was reiterated by Uganda’s Finance Minister Ezra Suruma while reading the 2008/09 budget on June 12. He said: “Remittances are increasingly becoming a major source of foreign exchange earnings, and are playing a strategic role in supporting macroeconomic stability as well as private investment”.
Last year remittances from Ugandans working and living abroad almost doubled to $1.4 million (Shs2.24 billion) up from close to $700 million (Shs1.12 trillion) a figure recorded in 2006. [Read More]
NORWAY: Pakistani Remittances Drawn Towards
By Tarjei Kidd Olsen
OSLO, Jul 8 (IPS) - Norway wants to integrate diasporas into development work -- and tap into the huge sums of cash that they send back home -- with a new pilot project that seeks to beef up development efforts in Pakistan.
The government is promising to double the money that Norwegian-Pakistani civil society groups collect for development work in Pakistan, while coaching them in professional administration. At the same time the government is hoping to gain cultural and language insights from the immigrants.
If the pilot project is successful, diasporas from other countries based in Norway could be next.
"One reason for working more closely with immigrant groups is to encourage the transfer of funds to whole communities, not just to individual families, and to promote development," says Norwegian development minister Erik Solheim.
Depending on how you count them, diasporas around the world transferred somewhere between 173 billion and 250 billion dollars to developing countries in 2005, according to the U.N. Despite the benefits of such large flows of money going to poor countries, the money is often not coordinated or geared towards development work. [Read More]
OSLO, Jul 8 (IPS) - Norway wants to integrate diasporas into development work -- and tap into the huge sums of cash that they send back home -- with a new pilot project that seeks to beef up development efforts in Pakistan.
The government is promising to double the money that Norwegian-Pakistani civil society groups collect for development work in Pakistan, while coaching them in professional administration. At the same time the government is hoping to gain cultural and language insights from the immigrants.
If the pilot project is successful, diasporas from other countries based in Norway could be next.
"One reason for working more closely with immigrant groups is to encourage the transfer of funds to whole communities, not just to individual families, and to promote development," says Norwegian development minister Erik Solheim.
Depending on how you count them, diasporas around the world transferred somewhere between 173 billion and 250 billion dollars to developing countries in 2005, according to the U.N. Despite the benefits of such large flows of money going to poor countries, the money is often not coordinated or geared towards development work. [Read More]
Mexico: Remittances Fall, Flows Realign
Despite an expected contraction in remittances to Latin America, there are also opportunities for growth for transfer companies.
BY JAN SMITH
Worker remittances to Mexico from the United States are down 2.9 percent, totaling $5.4 billion, during the first quarter of 2008 ascompared to the same period in 2007. Mexico frequently serves as a barometer for the region because it accounts for nearly half of the region’s remittances. First quarter figures are not surprising in light of a softening of growth during 2007, but the ever increasing severity of deceleration in the US economy could actually make 2008 the first year on-record where remittances post negative growth. [Read More]
BY JAN SMITH
Worker remittances to Mexico from the United States are down 2.9 percent, totaling $5.4 billion, during the first quarter of 2008 ascompared to the same period in 2007. Mexico frequently serves as a barometer for the region because it accounts for nearly half of the region’s remittances. First quarter figures are not surprising in light of a softening of growth during 2007, but the ever increasing severity of deceleration in the US economy could actually make 2008 the first year on-record where remittances post negative growth. [Read More]
Katine: A whole family hangs on lifeline of remittances
* Richard Kavuma
* The Guardian,
* Saturday July 26 2008
Six years ago, Stephen Elasu travelled the 220-mile road from Katine in rural Uganda to the capital, Kampala, to seek a better life in the city. Despite early struggles to find work, he says that life in Kampala is better than it would have been in Katine sub-county.
"If I had stayed in Katine, although I was devoted to religion, I might have turned into someone who drinks too much alcohol," says Elasu, 26, who works as a media monitor with a research group. "Maybe I would have lots of children, like most of my friends who dropped out of school in lower primary."
The Guardian is tracking Amref's three-year development project, in partnership with Barclays, to improve the lives of the 25,000 people in Katine sub-county, where Elasu was born.
He now earns 150,000 Ugandan shillings (£46) a month but more than half of that goes on rent and transport from his one-room flat in the suburb of Bweyogerere to his workplace on Kampala's Buganda Road.Migrants to the city fund relatives' basic essentials but there is a price to pay. [Read More]
* The Guardian,
* Saturday July 26 2008
Six years ago, Stephen Elasu travelled the 220-mile road from Katine in rural Uganda to the capital, Kampala, to seek a better life in the city. Despite early struggles to find work, he says that life in Kampala is better than it would have been in Katine sub-county.
"If I had stayed in Katine, although I was devoted to religion, I might have turned into someone who drinks too much alcohol," says Elasu, 26, who works as a media monitor with a research group. "Maybe I would have lots of children, like most of my friends who dropped out of school in lower primary."
The Guardian is tracking Amref's three-year development project, in partnership with Barclays, to improve the lives of the 25,000 people in Katine sub-county, where Elasu was born.
He now earns 150,000 Ugandan shillings (£46) a month but more than half of that goes on rent and transport from his one-room flat in the suburb of Bweyogerere to his workplace on Kampala's Buganda Road.Migrants to the city fund relatives' basic essentials but there is a price to pay. [Read More]
Double-digit remittance growth trend seen continuing
By Doris Dumlao
Philippine Daily Inquirer
First Posted 01:18:00 07/29/2008
Cash remittances from overseas Filipinos are expected to continue their double-digit growth trend in the next few years, New York-based think tank GlobalSource said.
“We can reasonably expect remittances to continue growing robustly in the future,” GlobalSource said in its latest monthly report. “Our forecast for the annual change in these flows this year is 10 percent, or even higher. Based on recent trends, the rate is unlikely to fall far below the 13.2-percent growth registered in 2007, and may even reach government’s expectation of about 14 percent.”
The report, written by Filipino economists Romeo Bernardo and Margarita Gonzales, cited several factors that would support the growth in remittance flows, which in turn would help the Philippines register foreign exchange surpluses even amid soaring oil prices and a slackening global economy. [Read more]
Philippine Daily Inquirer
First Posted 01:18:00 07/29/2008
Cash remittances from overseas Filipinos are expected to continue their double-digit growth trend in the next few years, New York-based think tank GlobalSource said.
“We can reasonably expect remittances to continue growing robustly in the future,” GlobalSource said in its latest monthly report. “Our forecast for the annual change in these flows this year is 10 percent, or even higher. Based on recent trends, the rate is unlikely to fall far below the 13.2-percent growth registered in 2007, and may even reach government’s expectation of about 14 percent.”
The report, written by Filipino economists Romeo Bernardo and Margarita Gonzales, cited several factors that would support the growth in remittance flows, which in turn would help the Philippines register foreign exchange surpluses even amid soaring oil prices and a slackening global economy. [Read more]
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