PHILIPPINES: Remittances Increase 6.9% To $13.02 Billion In First 9 Months

MANILA, Philippines — Remittances from overseas Filipinos amounted to $13.02 billion in the first nine months of 2011, up 6.9 percent year-on-year, the Bangko Sentral ng Pilipinas (BSP) Monday reported.

Fund transfers through official bank channels and monitored by the BSP totaled $1.67 billion for August alone, up 11.1 percent year-on-year but compared to the previous month or in July, the monthly tally was lower by 2.4 percent. It was the first time remittances climbed at a double-digit pace this year, the central bank said. Read more

PHILIPPINES: Global OFW deployment, dollar remittances grow despite global crisis

he Department of Labor and Employment (DOLE) today confirmed that both the global deployment of overseas Filipino workers (OFWs) and their dollar remittances to the country's economy have continued to increase notwithstanding the global financial crisis (GFC).

Labor and Employment Secretary Marianito D. Roque cited the latest report of the Bangko Sentral ng Pilipinas that despite the global financial slowdown, OFW remittances from more than 190 host countries worldwide reached more than US$1.265 billion in January 2009, representing a positive 0.1 percent growth from the same period in 2008.

Roque had cited the earlier confirmation made by the DOLE's Philippine Overseas Employment Administration that the total global deployment of documented OFWs reached a robust growth to 165,737 in January this year, up worldwide by 25.3 percent, from 132,285 in the same period last year. Read more

Economic downturn weighs on Filipino migrant laborers

By Karen Lema

MANILA (Reuters) - Like millions of Filipinos, Alma Ang left her homeland to work abroad for a salary far higher than she could have ever earned at home.

Now, as the global financial crisis bites, Filipino migrant workers face the prospect of losing their jobs abroad and returning home unemployed and often in debt.

In the case of Ang, after paying a recruitment agency 120,000 pesos (about $2,500) for a job at an electronics factory in Taiwan, she was retrenched within a year and is back in the Philippines without any work at all. Read more

Migrant Remittances: Revisited

Leila Rispens-Noel/MindaNews
Monday, 21 January 2008 20:32

GOUDA, The Netherlands (MindaNews/21 January) -- The World Bank began working on international migration and remittances issues with the publication of the Global Development Finance 2003. Chapter 7 was dedicated to remittances. The report captured an unprecedented interest from the financial sector, governments, and international organizations. Since then, migrant remittances had become a regular feature in many conferences and policy discussions on migration and development. In a way, remittances also effectively reversed the tone of the debates. Policy makers are now talking more about the positive contributions of migrants to development because of the money they send home.

Migrant remittances sent by an estimated 150 million migrants worldwide have been on top of policy agenda of the policy makers and became the subject of many studies and debates deliberately dissecting their positive and negative impact. Remittances in 2003 were estimated at US$ 200 billion, up from $155 billion in 2002.
[Read more]

RP is 4th largest recipient of remittances in Asia

The Philippines ranked as fourth top recipient of overseas remittances in Asia, receiving $14.65 billion in 2006, a United Nations report showed.The report, released in time for the Oct 19 opening of the International Forum on Remittances in Washington DC, said the $14.65 billion remittances sent to the Philippines was based on "a conservative estimate.

"The amount includes the $12.8 billion remittances coursed through the banks, as reported by the Bangko Sentral ng Pilipinas, plus OFW earnings sent through informal channels such as door-to-door delivery. [Read more]

OFW’s on global remittance map

Tuesday, October 23, 2007

BIZZ FIZZ By Rene Martel

NOT wasting any time on the back of the comforting economic news that the Philippines has emerged as the world’s fourth-biggest receiver of money sent home by migrant workers who are now officially classified by the government as modern day heroes, Sen. Loren Legarda is asking that Malacañang look into the possibility of initiating legislature to bring down the excessive remittance charges made by rapacious banks that are the conduit of these mostly dollar-denominated billions.

The report—by the United Nations’ International Fund for Agricultural Development (IFAD) and released at last week’s International Forum on Remittances in Washington D.C.—noted that that based on “a conservative estimate,” migrant workers remitted to the Philippines a total of $14.6 billion in 2006 alone. [Read more]

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]

Philippines: Housing loan applications now available at NAIA for OFWs

By Tarra QuismundoInquirerLast updated 08:49pm (Mla time) 08/24/2007
MANILA, Philippines -- For the benefit of migrant workers, Manila's airports are going POP.


The Pag-Ibig Overseas Program (POP), a project that seeks to extend the fund's housing loan program to migrant workers, may now be accessed through counters at the Ninoy Aquino International Airport (NAIA) Terminals 1 and 2.


The Manila International Airport Authority (MIAA) has partnered with Pag-Ibig Fund (Home Development Mutual Fund) to make POP services available to Overseas Filipino Workers right at the airport. [Read more]

The price of remittances

RODEL RODIS, Philippine News08/15/2007 04:43 PM

Perhaps the major accomplishment of the current Philippine government is the impressive improvement of the economy which has seen the peso increase in value from 54 to 1 under the previous government to the current 45 pesos to 1 dollar, requiring the government to expend less of its resources to pay off its foreign debt, and leaving more money for infrastructure improvements.By all accounts, this improvement in the economy is owed chiefly to the $15-B in remittances that overseas Filipino workers (OFW) annually send back to the Philippines.

But what is the price that OFWs have to pay for these Philippine economy-saving remittances? Two reports about the Philippines, which appeared this past week in the mainstream media, provide us with the answer.
[Read more]

Investing in the Philippines: A negative experience for OFWS

By LOUI GALICIAABS-CBN Europe News BureauOverseas Filipino workers (OFWs) in the Netherlands are discouraged from investing in the Philippines because of the bad experiences suffered by some OFWs here, reported ABS-CBN Europe News Bureau.

To help overcome the negative attitudes of these Filipinos towards doing business in their home country, the Philippine Embassy hosted an informal forum in The Hague, presided by five representatives of the Philippine Consortium on Migration and Development or PhilComDev.

Estrella Dizon-Anonuevo of Atikha, Jonas George Soriano and Salvador Umengan of Ploughshares Inc., Lurina Gargarita of Philippine Social Enterprise Network and Julyn Ambito of IDEALS represented PhilComDev, which is a coalition of more than thirty non-profit organizations in the Philippines formed to lure remittances for social-enterprise initiatives.
[Read more]

OFW remittances up 18% in 1st half

Thomson FinancialLast updated 02:08am (Mla time) 08/16/2007
MANILA, Philippines -- Foreign exchange remittances of overseas Filipino workers (OFWs) grew 18.1 percent to $7.0 billion in the first half of the year from $5.9 billion in the same period last year, central bank data showed Wednesday.

In June, OFW remittances edged up 0.9 percent to $1.11 billion from $1.10 billion a year earlier, but were down 9.8 percent from $1.2 billion in May.
[Read more]

Philippines To Probe Continued Appreciation Of Peso

August 14, 2007 7:49 a.m. EST
Preciosa Dumlao - AHN Writer

Manila, Philippines (AHN) - Senate Minority Leader Aquilino Pimentel, Jr. on Tuesday called for a Senate inquiry into the circumstances behind the continuing appreciation of the peso against the U.S. dollars and its impact on the lives of families of overseas Filipino workers.

Since a strong peso means less value for the dollar remittances of the OFWs, Pimentel said the government should institute measures to mitigate its negative effects on the OFWs and their families.
From more than P52 to the dollar, at the start of 2007, the exchange rate now ranges from P45.43 to P45.75 to the dollar. [Read more]

Microsoft’s ‘Tulay’ program links more OFWs to their families in RP

y EDISON D. ONGNow they can communicate!
One of the most dramatic real life story chronicled by proponents of the Microsoft Philippines’ Tulay program is that of a Filipina mother currently employed as a household help in Hong Kong and the deaf mute son whom she left behind in the Philippines.
As a consequence of their separation, their communication ceased. Obviously, the telephone and cellular phone technology has no place in their lives. Yes, there is SMS or texting that they can do. Or even write letters and postcards. Yet, they yearn to "speak."

The solution(s)?
Internet technology. Web camera technology. Broadband communications technology.

For a growing number of overseas Filipino workers like this mother, the personal computer is no longer a contraption. It is a communications equipment that serves as a bridge. [Read more]

Philippines: Overseas Filipinos Launch Campaign for Special Foreign Exchange Rate

Romy Tangbawan, Arab News

JEDDAH, 6 August 2007 — If you and your family are adversely affected by the drastic rise of the Philippine peso against the US dollar, here’s your chance to be heard in Manila: A petition letter for a special exchange rate for OFWs. The letter is addressed to President Gloria Macapagal Arroyo and it will be delivered to Malacaٌang as soon as a substantial number of signatures are gathered, initiators of the campaign said. “The more signatures we get, the better so that our officials in Manila will listen,” said Ronnie Abeto, one of the leaders of the V-Team – Advocacy and Community Service group that is spearheading the campaign. He said that as the government has readily offered to grant relief to Philippine exporters of goods, there’s no reason not to give a little help to OFWs. [Read more]

Filipinos Jan-May remittances from Dubai surge 76.48 per cent

BY JOSE FRANCO 17 July 2007
DUBAI — Technological innovations in transferring remittances prompted a 76.48 per cent growth in the amount of money that Filipino workers in Dubai sent to their families back home during the first five months of the year compared to the same period in 2006.

In the latest statistics released yesterday by the Bangko Sentral pilipinas (Central Bank of the Philippines), or BSP, remittances by overseas Filipino workers (OFWs) from Dubai reached Dh534.44 million from January to May this year compared to some Dh302.84 million for the same period last year. [Read more]

IRemit sets sights on IPO this year

Inquirer
Last updated 00:19am (Mla time) 07/23/2007

REMITTANCE company iREMIT has said it is considering an initial public offering (IPO) toward the last quarter of this year.

It has named investment house First Metro Investment Corp. as financial adviser, issue manager and underwriter for the IPO.

The company did not provide details of the planned IPO.

The company's board has approved an increase in the company's capital to P500 million from P163 million to finance its ongoing expansion. Proceeds of the IPO will be used to open new branches and expand to new markets as well as to finance its working capital requirements to meet the increasing volume of remittances.
[Read more]

Philippines: BSP warns rapid rise of peso risks volatility

By Maricel E. Burgonio, Reporter
THE Bangko Sentral ng Pilipinas (BSP) warned that the peso’s rapid appreciation risks financial volatility, as the local currency closed the week at its strongest in seven years buoyed by continued dollar inflows to the Philippine stock market.
At the Philippine Dealing System, the local unit closed at 44.80 against the dollar on Friday from the closing price of 45 the day before.
The peso opened at 44.999 and rose to its closing price. Trading volume amounted to $517 million.
“The peso is buoyed by equity-related inflows and is moving up against the US dollar like the other regional currencies,” BSP Governor Amando M. Tetangco Jr., said, referring to increased foreign interest in the local stock market as a number of Philippine companies are selling shares to the public for the first time. These include Aboitiz Power Corp. and GMA Network. [Read more]

OFW remittances surge 21.9% to $5.9B in 5 mos

By Des Ferriols Sunday, July 15, 2007
Page: 1 -->

Overseas Filipino workers (OFWs) remitted 21.9 percent more in the first five months this year compared to last year, resulting in a total $5.9 billion sent through the banking system during the period.
The Bangko Sentral ng Pilipinas (BSP) reported that remittances in May alone were strong at $1.2 billion, the 13th straight month that remittances went over a billion dollars.
The BSP noted a marked deceleration in May, however, when remittances grew by only 8.4 percent year-on-year, compared with the double-digit growth recorded in May 2006.
The BSP said the slowdown in growth during the month was partly attributed to the “base effect” following a sharp increase in remittances in May 2006.
However, BSP Governor Amando M. Tetangco Jr. said there was also a steady decline in deployment of new workers abroad and despite the trend of higher salaries for higher-skilled workers, this was beginning to affect total remittances. [Read more]

PHILIPPINES: 5-month OFW remittances up 22%

Thomson FinancialLast updated 03:26am (Mla time) 07/14/2007

MANILA, Philippines -- Foreign exchange remittances of overseas Filipino workers (OFWs) totalled $5.9 billion in the January-May period, up 21.9 percent from the same months last year, the central bank said Friday.
In May, the remittances rose 8.4 percent year-on-year to $1.2 billion, slackening after high growth in previous months. In April, the growth rate reached 32.6 percent.
Governor Amando Tetangco Jr. of the central bank said that the slowdown was attributable mainly to a high comparative base in May last year.
"The robust growth of remittances year-to-date was due largely to technological innovations introduced by financial institutions that serve as conduits for remittance transfers," he said. – With INQUIRER.net

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Metrobank expands global remittance links with Riyadh Bank tie-up

BY TED P. TORRES

The Philippine Star

Metropolitan Bank and Trust Co. (Metrobank) has expanded its global remittance links for overseas Filipino workers (OFWs) as it entered into an alliance with Riyadh Bank, one of the top five commercial banks in Saudi Arabia.

Metrobank executive vice president Carmelita R. Araneta said the partnership, which started as a correspondent relationship, is now more focused on serving the remittance requirements of Filipinos in Saudi Arabia.

"With a stronger partnership established with Riyadh Bank, we now aim to strengthen our presence in the kingdom where a significant number of OFWs are stationed," Araneta said. "This agreement with Riyadh Bank will also further increase our market share in the Middle East." [Read more]