As a humanitarian gesture toward cyclone relief efforts in Bangladesh, Western Union is launching a "No Transfer Fee"(1) Pricing Action for any amount sent to Bangladesh from Italy, the United Kingdom, the U.S.A., Kuwait, Saudi Arabia and the United Arab Emirates.(2) The initiative will run from Nov. 27, 2007 to Dec. 31, 2007 in the U.S. and from Dec. 1, 2007 to Dec. 31, 2007 in the United Kingdom, Italy, Kuwait, the United Arab Emirates and Saudi Arabia. Remittances will be vital in offering emergency support on top of relief efforts by the Government of Bangladesh, UN agencies and various NGOs to the victims of Cyclone Sidr.
Moreover, The Western Union Foundation, a philanthropic organization to facilitate charitable giving programs worldwide, is donating US$100,000 to UNICEF in its relief response in the areas of water, sanitation and hygiene, nutrition, education, child protection and the provision of non-food items.
The Western Union Foundation also is encouraging employee donations through the Western Union Employee Gift Matching Program. The Western Union Foundation will match registered employee donations to UNICEF on a one-for-one basis, up to US $25,000.
[Read more]
Thursday 6 December 2007
Moldova tops ranking by share of remittances in GDP
Moldova and Tajikistan take the first position in the world by the share of remittances in the Gross Domestic Product, according to the World Bank report “Remittance Trends 2007”. The remittances in Moldova and Tajikistan make up 36.2% of the GDP. The two states are followed by Tonga with 32.3%, Kyrgyzstan with over 27%, Honduras and Lesotho with about 25% each etc.
India ranks first in the world by the volume of remittances - about 27 billion USD. China and Mexico come next with 25 billion USD each. Romania took the tenth position with 6.8 billion USD remittances.
According to official statistics, the Moldovans working abroad last year transferred home about 1 billion USD through commercial banks. The same figure is predicted for this year. Analysts say that the unofficial remittances are more than twice as large as the recorded remittances.
Source
India ranks first in the world by the volume of remittances - about 27 billion USD. China and Mexico come next with 25 billion USD each. Romania took the tenth position with 6.8 billion USD remittances.
According to official statistics, the Moldovans working abroad last year transferred home about 1 billion USD through commercial banks. The same figure is predicted for this year. Analysts say that the unofficial remittances are more than twice as large as the recorded remittances.
Source
Bangladesh's Remittance Flow Records 21.69 Percent Growth
Siddique Islam - AHN South Asia Correspondent
Dhaka, Bangladesh (AHN) - Remittances by the Bangladeshi expatriates stood at $2.806 billion in the first five months of the current fiscal, marking a 21.69 per cent growth over that of the same period of the last fiscal, officials say in the capital, Dhaka.
Bangladesh received $2.806 billion during the July-November period of the fiscal 2007-08 against $2.306 billion in the same period of the previous fiscal, according to the Bangladesh Bank (BB), the country's central bank, statistics, released Wednesday.
The remittances from Bangladeshi nationals working abroad were estimated at a record $618.60 million in November 2007, which was $58.55 million higher than that of the previous month. In October 2007, the total amount of money remitted by Bangladeshi wage earners amounted to $559.05 million, the BB's data showed. [Read more]
Dhaka, Bangladesh (AHN) - Remittances by the Bangladeshi expatriates stood at $2.806 billion in the first five months of the current fiscal, marking a 21.69 per cent growth over that of the same period of the last fiscal, officials say in the capital, Dhaka.
Bangladesh received $2.806 billion during the July-November period of the fiscal 2007-08 against $2.306 billion in the same period of the previous fiscal, according to the Bangladesh Bank (BB), the country's central bank, statistics, released Wednesday.
The remittances from Bangladeshi nationals working abroad were estimated at a record $618.60 million in November 2007, which was $58.55 million higher than that of the previous month. In October 2007, the total amount of money remitted by Bangladeshi wage earners amounted to $559.05 million, the BB's data showed. [Read more]
OFW money powers peso to 41.88 vs US$
By Doris DumlaoInquirerLast updated 03:02am (Mla time) 12/07/2007
MANILA, Philippines -- Remittances from overseas Filipino workers ahead of the holidays continued to fuel the peso’s steep climb as it closed at 41.88 against the US dollar Thursday.
The peso even bucked the sluggish trend in the regional currency market when it marked a new seven-and-a-half year high, peaking at 41.85 in intra-day trade.
“December is naturally a strong season for remittances,” said Reevie Vergara, treasurer at the state-owned Land Bank of the Philippines. “Some OFWs anticipate that the US dollar is weakening so the money budgeted for the end of the year or January is being remitted now so that beneficiaries can convert (into pesos) at a better exchange rate.”
[Read more]
MANILA, Philippines -- Remittances from overseas Filipino workers ahead of the holidays continued to fuel the peso’s steep climb as it closed at 41.88 against the US dollar Thursday.
The peso even bucked the sluggish trend in the regional currency market when it marked a new seven-and-a-half year high, peaking at 41.85 in intra-day trade.
“December is naturally a strong season for remittances,” said Reevie Vergara, treasurer at the state-owned Land Bank of the Philippines. “Some OFWs anticipate that the US dollar is weakening so the money budgeted for the end of the year or January is being remitted now so that beneficiaries can convert (into pesos) at a better exchange rate.”
[Read more]
Monday 3 December 2007
Philippines: Remittances via Landbank hit $407M
By IRIS C. GONZALESThe Philippine Star
Remittances from overseas Filipinos coursed through the Land Bank of the Philippines (Landbank) have reached $407 million in the first nine months of the year or 30 percent higher than the $313 million recorded in the same period last year.
By yearend, Landbank is targeting to increase this to $490 million on expectations that Filipinos abroad will be sending more dollars to their relatives in the country for the Christmas season, Landbank president and chief executive officer Gilda Pico said.
"We may even exceed our target consistent with our renewed commitment to position Landbank among other leading banks in providing fast and convenient ways of transferring funds to beneficiaries of overseas Filipinos," Pico said. [Read more]
Remittances from overseas Filipinos coursed through the Land Bank of the Philippines (Landbank) have reached $407 million in the first nine months of the year or 30 percent higher than the $313 million recorded in the same period last year.
By yearend, Landbank is targeting to increase this to $490 million on expectations that Filipinos abroad will be sending more dollars to their relatives in the country for the Christmas season, Landbank president and chief executive officer Gilda Pico said.
"We may even exceed our target consistent with our renewed commitment to position Landbank among other leading banks in providing fast and convenient ways of transferring funds to beneficiaries of overseas Filipinos," Pico said. [Read more]
Remittance Flows to Developing Countries to Reach $240 billion in 2007, Predicts World Bank
WASHINGTON, November 30 – Remittances to developing countries will reach an estimated $240 billion in 2007, according to new data released today by the World Bank. The brief, “Remittance Trends 2007,” goes on to say that the true size of remittances including unrecorded flows is even larger. The release was timed to coincide with a November 28-30 G8 Outreach meeting on remittances in Berlin.
“Recorded remittances are more than twice as large as official aid and nearly two-thirds of FDI flows received by developing countries,” explained Dilip Ratha, Senior Economist in the Development Prospects Group of the World Bank.
The brief describes broad regional and country specific trends in remittance flows worldwide, and highlights some structural changes that will affect future flows. [Read more]
“Recorded remittances are more than twice as large as official aid and nearly two-thirds of FDI flows received by developing countries,” explained Dilip Ratha, Senior Economist in the Development Prospects Group of the World Bank.
The brief describes broad regional and country specific trends in remittance flows worldwide, and highlights some structural changes that will affect future flows. [Read more]
Vietnam: REMITTANCES FROM OVERSEAS VIETNAMESE EXCEED US$5 BILLION
November 30, 2007, 3:15 pm
HANOI, Nov 30 Asia Pulse - Remittances by overseas Vietnamese have continued to rise, and are expected to reach US$5 billion this year, a State Bank of Vietnam official has said.
Nguyen Ngoc Lan, deputy head of the bank's Overseas Remittances Management Department, said a large portion of the remittances, US$1.6 billion last year, were sent by Vietnamese guest workers abroad. "The remittances, already at around 5 per cent of the country's GDP, will continue to increase as more people go abroad to work", Lan said.
[Read more]
HANOI, Nov 30 Asia Pulse - Remittances by overseas Vietnamese have continued to rise, and are expected to reach US$5 billion this year, a State Bank of Vietnam official has said.
Nguyen Ngoc Lan, deputy head of the bank's Overseas Remittances Management Department, said a large portion of the remittances, US$1.6 billion last year, were sent by Vietnamese guest workers abroad. "The remittances, already at around 5 per cent of the country's GDP, will continue to increase as more people go abroad to work", Lan said.
[Read more]
High-Level Meeting on Remittances, 28 - 30 November 2007 in Berlin
At the economic summit in Heiligendamm, the heads of state and government of the leading industrialised nations agreed that Germany, the current president of the G8, should organise a high-level meeting on remittances as early as this autumn.
In response, the Federal Ministry of Finance will therefore be hosting a conference on this topic in Berlin from 28 to 30 November 2007. Remittances are money transfers made by migrants living in one country to their relatives abroad. For developing nations in particular, these remittances today represent the most substantial source of income. According to the World Bank, annual global remittance flows to the developing world alone approach some $US310 billion.
This is three times the amount of worldwide development aid (which stood at US$104 billion in 2006) and almost as high as direct investment in these countries as well. [Read more]
In response, the Federal Ministry of Finance will therefore be hosting a conference on this topic in Berlin from 28 to 30 November 2007. Remittances are money transfers made by migrants living in one country to their relatives abroad. For developing nations in particular, these remittances today represent the most substantial source of income. According to the World Bank, annual global remittance flows to the developing world alone approach some $US310 billion.
This is three times the amount of worldwide development aid (which stood at US$104 billion in 2006) and almost as high as direct investment in these countries as well. [Read more]
Bharti Airtel & Western Union to pilot Mobile Money Transfer Service in India
Bharti Airtel Ltd has announced that in a first-of-its kind agreement, Bharti Airtel and Western Union have decided to jointly develop and pilot a Mobile Money Transfer service in India.
This pioneering agreement will usher in the possibility of sending money to India via the mobile phone. Western Union agents presently provide cash remittance services in India.
The mobile money transfer service is subject to regulatory approval. According to The World Bank, the number of immigrants globally is in the region of 200 million - approximately 3% of the worlds population.
[Read more]
This pioneering agreement will usher in the possibility of sending money to India via the mobile phone. Western Union agents presently provide cash remittance services in India.
The mobile money transfer service is subject to regulatory approval. According to The World Bank, the number of immigrants globally is in the region of 200 million - approximately 3% of the worlds population.
[Read more]
Philippines: Peso's dizzy rise gives Filipinos overseas a headache
By Carmel Crimmins
Reuters
Last updated 08:45am (Mla time)
12/03/2007
MANILA, Philippines -- Manila's malls are abuzz with Christmas carols and glitzy decorations but Marlene Isleta has little festive cheer.
A strong Philippine peso and a weak US dollar means that Isleta has less cash in her pocket after receiving the remittance money her husband, a waiter on a luxury cruise ship, sends her every month.
"The money is really tight. Christmas is just another day for me. I'll be hiding from my godchildren that day," she said, on a break from her office job in Manila's financial district.
Isleta's husband is one of an estimated eight million Filipinos, or around 10 percent of the population, who work overseas due to a lack of opportunities at home and whose remittances have driven the domestic economy to a 20-year high. [Read more]
Reuters
Last updated 08:45am (Mla time)
12/03/2007
MANILA, Philippines -- Manila's malls are abuzz with Christmas carols and glitzy decorations but Marlene Isleta has little festive cheer.
A strong Philippine peso and a weak US dollar means that Isleta has less cash in her pocket after receiving the remittance money her husband, a waiter on a luxury cruise ship, sends her every month.
"The money is really tight. Christmas is just another day for me. I'll be hiding from my godchildren that day," she said, on a break from her office job in Manila's financial district.
Isleta's husband is one of an estimated eight million Filipinos, or around 10 percent of the population, who work overseas due to a lack of opportunities at home and whose remittances have driven the domestic economy to a 20-year high. [Read more]
Wednesday 21 November 2007
Pakistan: Remittances soar over 41 % to reach record $ 580.24 mln in Oct.
KARACHI, NOV 17 (APP) - Home remittances have surged by 41.31 percent or $ 169.63 million to reach a record $ 580.24 million in October, 2007 as against $ 410.61 million in the same month last year.
According to SBP data here Saturday, the previous highest amount remitted in a single month was recorded in May 2007, when Pakistanis sent $ 537.98 million.
Pakistan received an amount of $ 2.082 million in the first four months (July-October 2007) of the current fiscal year 2007-08, showing an increase of $ 437.29 million or 26.60 percent over the same period of the last fiscal year.
The amount includes $ 0.67 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). [Read more]
According to SBP data here Saturday, the previous highest amount remitted in a single month was recorded in May 2007, when Pakistanis sent $ 537.98 million.
Pakistan received an amount of $ 2.082 million in the first four months (July-October 2007) of the current fiscal year 2007-08, showing an increase of $ 437.29 million or 26.60 percent over the same period of the last fiscal year.
The amount includes $ 0.67 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). [Read more]
Philippines forecasts 2007 remittances from overseas workers to hit record US$14.1 billion
MANILA, Philippines: Money sent home by millions of Filipinos working overseas is forecast to hit a record US$14.1 billion (€10.9 billion) next year, the central bank said Monday.
The 2006 remittances are expected to reach US$13.4 billion (€10.4 billion), up from US$11.9 billion (€9.2 billion) last year, according to the Philippine Central Bank.
Deputy Gov. Diwa Guinigundo said that a slowdown in the global economy next year may affect demand for Filipino workers, which is already high at more than 8 million, or 10 percent of the population. [Read more]
The 2006 remittances are expected to reach US$13.4 billion (€10.4 billion), up from US$11.9 billion (€9.2 billion) last year, according to the Philippine Central Bank.
Deputy Gov. Diwa Guinigundo said that a slowdown in the global economy next year may affect demand for Filipino workers, which is already high at more than 8 million, or 10 percent of the population. [Read more]
Philippines: BSP cites steps to improve remittance system
November 20, 2007 Updated 01:04:01 (Mla time) Inquirer
The central bank, Bangko Sentral ng Pilipinas (BSP), said it had prepared measures to improve make more transparent the mechanisms for money remittances from overseas Filipino workers (OFWs) and to cushion the adverse impact of a strong peso on households supported by OFW incomes.
Banks will be required to post in their premises and websites their various remittance products and charges with breakdowns of costs, delivery time to beneficiaries, and other relevant information, the BSP in a recent report to Malacañang. [Read more]
The central bank, Bangko Sentral ng Pilipinas (BSP), said it had prepared measures to improve make more transparent the mechanisms for money remittances from overseas Filipino workers (OFWs) and to cushion the adverse impact of a strong peso on households supported by OFW incomes.
Banks will be required to post in their premises and websites their various remittance products and charges with breakdowns of costs, delivery time to beneficiaries, and other relevant information, the BSP in a recent report to Malacañang. [Read more]
Mobile Payment Infrastructure in Mexico
CPNI has announced an agreement with PROSA (Promocion y Operacion, S.A. de C.V.), the largest provider of electronic transactions in Latin America, in which PROSA will provide financial institutions in Mexico with the centralized payments processing backbone for CPNI's Phone Authorized Transfer (PAT) mobile payment solutions.
PAT global, bank-branded mobile solutions enable bank customers to make payments and transfers or access banking services using a mobile phone. PAT offerings feature global mobile payment message routing, which empowers banks to offer person to person and person to merchant remote payments and transfers as well as mobile banking services. Banks are able to leverage their existing accounts, security processes and settlement channels. [Read more]
PAT global, bank-branded mobile solutions enable bank customers to make payments and transfers or access banking services using a mobile phone. PAT offerings feature global mobile payment message routing, which empowers banks to offer person to person and person to merchant remote payments and transfers as well as mobile banking services. Banks are able to leverage their existing accounts, security processes and settlement channels. [Read more]
Thursday 15 November 2007
Sept remittances up 12.4% on year
Thomson FinancialLast updated 07:17pm (Mla time) 11/15/2007
MANILA, Philippines -- Official remittances from Filipinos working overseas rose in September by 12.4 percent from a year earlier to $1.1 billion, picking up from August's pace of close to 11 percent, data showed on Thursday.
Inflows in the first nine months of the year increased 15 percent to $10.5 billion over a year earlier, the central bank figures showed.
Money sent home from more than eight million overseas-based Filipinos, around 10 percent of the population, has helped drive economic growth to 20-year highs, and is one of the most important components of the domestic economy. [Read more]
MANILA, Philippines -- Official remittances from Filipinos working overseas rose in September by 12.4 percent from a year earlier to $1.1 billion, picking up from August's pace of close to 11 percent, data showed on Thursday.
Inflows in the first nine months of the year increased 15 percent to $10.5 billion over a year earlier, the central bank figures showed.
Money sent home from more than eight million overseas-based Filipinos, around 10 percent of the population, has helped drive economic growth to 20-year highs, and is one of the most important components of the domestic economy. [Read more]
Sunday 4 November 2007
India: Strong Rupee & remittance-dependent families
D. Murali
Chennai, Nov. 3 Much has been written about rupee appreciation and its adverse impact, especially on exporters. Not enough, though, has been discussed about a huge section of the population that is dependent on foreign remittance, observes Mr Bhaskar Rao, Executive Director, Wall Street Finance Ltd, Mumbai.
“These people have lost their income by almost 20 per cent as compared to last year. This, coupled with the inflation and the high interest rate, has seriously affected them,” he adds during the course of an e-mail interaction with Business Line.
“Rupee has appreciated beyond sustainable levels. The exchange rate is not justified by its fundamentals at the current level.”
Mr Rao, who was earlier CEO of the company, has about 25 years of experience in the banking and financial services sector, covering areas such as forex, treasury and global money remittance. Wall Street Finance Ltd is involved directly with the end-customers as a service provider for remittance. [Read more]
Chennai, Nov. 3 Much has been written about rupee appreciation and its adverse impact, especially on exporters. Not enough, though, has been discussed about a huge section of the population that is dependent on foreign remittance, observes Mr Bhaskar Rao, Executive Director, Wall Street Finance Ltd, Mumbai.
“These people have lost their income by almost 20 per cent as compared to last year. This, coupled with the inflation and the high interest rate, has seriously affected them,” he adds during the course of an e-mail interaction with Business Line.
“Rupee has appreciated beyond sustainable levels. The exchange rate is not justified by its fundamentals at the current level.”
Mr Rao, who was earlier CEO of the company, has about 25 years of experience in the banking and financial services sector, covering areas such as forex, treasury and global money remittance. Wall Street Finance Ltd is involved directly with the end-customers as a service provider for remittance. [Read more]
ICICI Bank launches phone-based remittance in Bahrain
ICICI Bank, India's second largest Bank, has announced the launch of another innovative, convenient and cost effective money transfer service called 'Call and Remit' for its customers in Bahrain.
Under this offering, a customer of ICICI Bank Bahrain can transfer money to his/her family in India by calling up a toll free number, without visiting the branch. [Read more]
Under this offering, a customer of ICICI Bank Bahrain can transfer money to his/her family in India by calling up a toll free number, without visiting the branch. [Read more]
Friday 26 October 2007
Between Here and There: How Attached Do Latino Immigrants Remain to Their Native Country?
Summary
Most Latino immigrants maintain some kind of connection to their native country by sending remittances, traveling back or telephoning relatives, but the extent of their attachment varies considerably. Only one-in-ten (9%) do all three of these so-called transnational activities; these immigrants can be considered highly attached to their home country. A much larger minority (28%) of foreign-born Latinos is involved in none of these activities and can be considered to have a low level of engagement with the country of origin. Most Latino immigrants (63%) show moderate attachment to their home country; they engage in one or two of these activities. [Read more]
Most Latino immigrants maintain some kind of connection to their native country by sending remittances, traveling back or telephoning relatives, but the extent of their attachment varies considerably. Only one-in-ten (9%) do all three of these so-called transnational activities; these immigrants can be considered highly attached to their home country. A much larger minority (28%) of foreign-born Latinos is involved in none of these activities and can be considered to have a low level of engagement with the country of origin. Most Latino immigrants (63%) show moderate attachment to their home country; they engage in one or two of these activities. [Read more]
Dominican Republic: Remittances for development
Inter Press Service. Oct 25, 2007
Most money sent from abroad is used to purchase food.
Civil society organizations 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, or “You, Woman” Association, in English, which is carrying out the Proyecto Remesas y Codesarrollo (Remittances and Co-development Project) under the sponsorship of international organizations.Legislators, ministers, the representative of the United Nations Population Fund (UNFPA) and delegates of civil society groups met Tuesday in a conference organized by the Association.
“We have to find mechanisms so that remittances are used more efficiently towards social development, and in the fight against poverty,” said Carmen Julia Gómez, the Association’s director of research and the head of the Remittances and Co-development Project. [Read more]
Most money sent from abroad is used to purchase food.
Civil society organizations 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, or “You, Woman” Association, in English, which is carrying out the Proyecto Remesas y Codesarrollo (Remittances and Co-development Project) under the sponsorship of international organizations.Legislators, ministers, the representative of the United Nations Population Fund (UNFPA) and delegates of civil society groups met Tuesday in a conference organized by the Association.
“We have to find mechanisms so that remittances are used more efficiently towards social development, and in the fight against poverty,” said Carmen Julia Gómez, the Association’s director of research and the head of the Remittances and Co-development Project. [Read more]
Remittances hit by political and economic uncertainty in U.S.
By Elisabeth Malkin
Published: October 25, 2007
http://www.iht.com/articles/2007/10/25/business/remit.php
EL RODEO, Mexico: Villages across Mexico are feeling the twin chills of a faltering economy in the United States and the crackdown there on illegal immigration.
For decades, the migrants who have left these villages have sent money home to their families. But now, some workers are returning to Mexico, unable to find work or fearful they will be caught. Those that remain in the United States are sending less money back.
This year, for the first time since Mexico began keeping records at the beginning of the decade, the money that migrants send back here - collectively known as remittances - has been virtually flat.
Published: October 25, 2007
http://www.iht.com/articles/2007/10/25/business/remit.php
EL RODEO, Mexico: Villages across Mexico are feeling the twin chills of a faltering economy in the United States and the crackdown there on illegal immigration.
For decades, the migrants who have left these villages have sent money home to their families. But now, some workers are returning to Mexico, unable to find work or fearful they will be caught. Those that remain in the United States are sending less money back.
This year, for the first time since Mexico began keeping records at the beginning of the decade, the money that migrants send back here - collectively known as remittances - has been virtually flat.
Mexicans Miss Money From Relatives Up North
EL RODEO, Mexico — For years, millions of Mexican migrants working in the United States have sent money back home to villages like this one, money that allows families to pay medical bills and school fees, build houses and buy clothes or, if they save enough, maybe start a tiny business.But after years of strong increases, the amount of migrant money flowing to Mexico has stagnated.
From 2000 to 2006, remittances grew to nearly $24 billion a year from $6.6 billion, rising more than 20 percent some years. In 2007, the increase so far has been less than 2 percent.
Migrants and migration experts say a flagging American economy and an enforcement campaign against illegal workers in the United States have persuaded some migrants not to try to cross the border illegally to look for work. Others have decided to return to Mexico. And many of those who are staying in the United States are sending less money home. [Read more]
From 2000 to 2006, remittances grew to nearly $24 billion a year from $6.6 billion, rising more than 20 percent some years. In 2007, the increase so far has been less than 2 percent.
Migrants and migration experts say a flagging American economy and an enforcement campaign against illegal workers in the United States have persuaded some migrants not to try to cross the border illegally to look for work. Others have decided to return to Mexico. And many of those who are staying in the United States are sending less money home. [Read more]
Tuesday 23 October 2007
IFAD Forum on Remittances 2007: News Articles
The International Fund for Agricultural Development (IFAD) and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) are pleased to host the 2007 International Forum on Remittances at the IDB Conference Center in Washington DC, on 18-19 October 2007.
Remittances are part of the centuries-old pattern of migration from rural to urban areas. Nowadays, remittances represent the human face of globalization, in which millions of people migrate in search of a better life and in order to provide for their loved ones back home. One person out of every ten in the world is personally affected by the hundreds of billions of US dollars in remittances that are sent every year by migrants to families back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. [Read more]
Remittances are part of the centuries-old pattern of migration from rural to urban areas. Nowadays, remittances represent the human face of globalization, in which millions of people migrate in search of a better life and in order to provide for their loved ones back home. One person out of every ten in the world is personally affected by the hundreds of billions of US dollars in remittances that are sent every year by migrants to families back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. [Read more]
Sending money home: Worldwide remittance flows to developing countries
150 million migrants worldwide sent more than US$300 billion to thier families in developing countries during 2006
Remittances, the portion of migrant workers’ earnings sent back home to their families, have been a critical means of financial support for generations. But, for the most part, these flows have historically been “hidden in plain view”, often uncounted and even ignored. All that is now changing – as the scale of migration increases, the corresponding growth in remittances is gaining widespread attention.
Today, the impact of remittances is recognized in all developing regions of the world, constituting an important flow of foreign currency to most countries and directly reaching millions of households, totaling approximately 10 per cent of the world’s population. The importance of remittances to poverty alleviation is obvious, but the potential multiplier effect on economic growth and investment is also significant.
[Read more]
Remittances, the portion of migrant workers’ earnings sent back home to their families, have been a critical means of financial support for generations. But, for the most part, these flows have historically been “hidden in plain view”, often uncounted and even ignored. All that is now changing – as the scale of migration increases, the corresponding growth in remittances is gaining widespread attention.
Today, the impact of remittances is recognized in all developing regions of the world, constituting an important flow of foreign currency to most countries and directly reaching millions of households, totaling approximately 10 per cent of the world’s population. The importance of remittances to poverty alleviation is obvious, but the potential multiplier effect on economic growth and investment is also significant.
[Read more]
World's Largest Poverty Alleviation Program Comes From Migrant Workers
aul Icamina - AHN News Writer
New York, NY (AHN) - The more than $300 billion that some150 million migrants sent to their families in poor countries in 2006 is now the world's largest poverty alleviation program, a new United Nations study says.
More than 1.5 billion separate financial transactions sent home were typically $100, $200 or $300 at a time.
But it surpassed the $104 billion provided by donor nations in foreign aid to developing countries last year, the United Nations International Fund for Agricultural Development (IFAD) said on its website. [Read more]
New York, NY (AHN) - The more than $300 billion that some150 million migrants sent to their families in poor countries in 2006 is now the world's largest poverty alleviation program, a new United Nations study says.
More than 1.5 billion separate financial transactions sent home were typically $100, $200 or $300 at a time.
But it surpassed the $104 billion provided by donor nations in foreign aid to developing countries last year, the United Nations International Fund for Agricultural Development (IFAD) said on its website. [Read more]
Remittances from Spain hit one-month record of $1 bn
Madrid, Oct 21 (EFE).- Remittances from emigrants in Spain surged 25.38 percent between January and July, compared to the same period in 2006, and hit a record $1 billion in July, the Bank of Spain said.
During the first seven months of this year, emigrants sent $6.48 billion home, including $1.03 billion in July alone. [Read more]
During the first seven months of this year, emigrants sent $6.48 billion home, including $1.03 billion in July alone. [Read more]
Afghanistan receives $3.3b remittances from expats
ajhwok;21/10/2007;By Lalit K. Jha;NEW YORK - Afghanistan has received over $3.3 billion from its expatriate community in 2006, says a fresh UN report released here.Emerging from the shadow of the nearly three-decades of civil war, this is for the first time that any study has come out with a figure of remittances being received by the country.
Though, Afghanistan has a long way to go as far as ranking among nations for receiving remittances are concerned, the country received more than Nepal among the South Asian countries and closely touched that of Sri Lanka.
The report released by the UN International Fund for Agricultural Development said Nepal received $1.1 billion and Sri Lanka $3.4 billion. India with $24.5 billion ranks tops among all the nations, while neighboring Pakistan received $6.2 billion last year. [Read more]
Though, Afghanistan has a long way to go as far as ranking among nations for receiving remittances are concerned, the country received more than Nepal among the South Asian countries and closely touched that of Sri Lanka.
The report released by the UN International Fund for Agricultural Development said Nepal received $1.1 billion and Sri Lanka $3.4 billion. India with $24.5 billion ranks tops among all the nations, while neighboring Pakistan received $6.2 billion last year. [Read more]
USA : Together, migrants sent home over $300 bn in 2006
October 19, 2007
A new United Nations study reveals that migrants working in industrialized countries sent home more than $300 billion to their families in 2006 – surpassing the $104 billion provided by donor nations in foreign aid to developing countries.
“This figure, which is a conservative estimate, shows that the seemingly small sums sent home by migrant workers when added together dwarf official development assistance,” said Kevin Cleaver, Assistant President of the UN International Fund for Agricultural Development, which co-authored the study with the Inter-American Development Bank (IDB).
According to Sending money home: Worldwide remittances to developing countries, Asia received the largest share of the remittances – more than $114 billion – followed by Latin America and the Caribbean with $68 billion, Eastern Europe with $51 billion, Africa with $39 billion and the Near East with $29 billion. [Read more]
A new United Nations study reveals that migrants working in industrialized countries sent home more than $300 billion to their families in 2006 – surpassing the $104 billion provided by donor nations in foreign aid to developing countries.
“This figure, which is a conservative estimate, shows that the seemingly small sums sent home by migrant workers when added together dwarf official development assistance,” said Kevin Cleaver, Assistant President of the UN International Fund for Agricultural Development, which co-authored the study with the Inter-American Development Bank (IDB).
According to Sending money home: Worldwide remittances to developing countries, Asia received the largest share of the remittances – more than $114 billion – followed by Latin America and the Caribbean with $68 billion, Eastern Europe with $51 billion, Africa with $39 billion and the Near East with $29 billion. [Read more]
Pakistan: Remittances keep on rising, up $267.66m
KARACHI: Remittances sent home by overseas Pakistanis continued their rising trend as the country received $1.501 billion in the first quarter (July-September 2007) of the current fiscal year 2007-08, showing an increase of $267.66 million or 21.70 percent over the same period of last fiscal year.
According to latest figures released by the State Bank of Pakistan (SBP) on Monday, the amount of $1.501 billion includes $0.63 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average of remittances for the period July-September, 2007 comes out to $500.42 million as compared to $411.20 million during the same period of the last fiscal year. [Read more]
According to latest figures released by the State Bank of Pakistan (SBP) on Monday, the amount of $1.501 billion includes $0.63 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average of remittances for the period July-September, 2007 comes out to $500.42 million as compared to $411.20 million during the same period of the last fiscal year. [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]
"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]
Asia Gets Lion Share Of Remittance Jackpot
Paul Icamina - AHN News Writer
New York, NY (AHN) -
Remittances from migrant workers to their families in rural areas is among the highest in Asia, which receives the world's largest share with $114 billion annually, a new United Nations study says.
"The impact of remittances among Asian developing countries is greater than in other parts of the world: in Asian countries that are 65 per cent or more rural, the ratio of remittances per capita to per capita GDP is 23 percent and the highest in the world," says the UN International Fund for Agricultural Development (IFAD).
IFAD co-authored the study with the Inter-American Development Bank (IDB). The study was released ahead of the International Forum on Remittances 2007 co-hosted by IFAD and IDB that starts on Saturday in Washington. [Read more]
New York, NY (AHN) -
Remittances from migrant workers to their families in rural areas is among the highest in Asia, which receives the world's largest share with $114 billion annually, a new United Nations study says.
"The impact of remittances among Asian developing countries is greater than in other parts of the world: in Asian countries that are 65 per cent or more rural, the ratio of remittances per capita to per capita GDP is 23 percent and the highest in the world," says the UN International Fund for Agricultural Development (IFAD).
IFAD co-authored the study with the Inter-American Development Bank (IDB). The study was released ahead of the International Forum on Remittances 2007 co-hosted by IFAD and IDB that starts on Saturday in Washington. [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]
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]
Money flowing to immigrants' countries slows
By Perla TrevizoStaff Writer
Some local money-transfer businesses are reporting a slowdown in the amount of dollars sent by immigrants back to their home countries, mirroring a nationwide trend.
"They come as often as usual, but they send less money," Mario Espinoza, owner of Carniceria La Michoacana, a Mexican store in Dalton, Ga., said in Spanish. "If there's no work, how are they going to keep sending money?"
Mr. Espinoza, whose clients are mostly Mexicans and Guatemalans, said he believes people are sending less money home because they are having a more difficult time finding jobs due to tougher immigration laws.
[Read more]
Some local money-transfer businesses are reporting a slowdown in the amount of dollars sent by immigrants back to their home countries, mirroring a nationwide trend.
"They come as often as usual, but they send less money," Mario Espinoza, owner of Carniceria La Michoacana, a Mexican store in Dalton, Ga., said in Spanish. "If there's no work, how are they going to keep sending money?"
Mr. Espinoza, whose clients are mostly Mexicans and Guatemalans, said he believes people are sending less money home because they are having a more difficult time finding jobs due to tougher immigration laws.
[Read more]
Saturday 13 October 2007
Event: First global map of remittances: how much money are migrants sending home
News conference on Oct. 17 to present data on money sent by migrant workers to developing countries
WHAT: News conference on global remittances flows
WHERE: National Press Club, Washington, DC
WHEN: Wednesday, October 17, 12:30 PM
WHO: Kevin Cleaver, IFAD, and Donald Terry, IDB
The International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB) will hold a news conference on Wednesday, October 17 in Washington, DC to present the first-ever global map of migrant remittance flows.
The map is based on a new study, Sending Money Home: Worldwide Remittances to Developing Countries, conducted by the Rome-based IFAD and the Washington-based IDB. The study shows that the total amount of money sent by migrant workers in rich countries such as the United States to their homelands is much higher than previously estimated.
The news conference will be held at 12:30 PM at the National Press Club (529 14th Street, NW, 13th floor, Zenger Room). The map and the study will be presented by IFAD Assistant President Kevin Cleaver and Donald F. Terry, general manager of the IDB’s Multilateral Investment Fund.
IFAD, a specialized United Nations agency, is an international financial institution dedicated to eradicating poverty and hunger in rural areas of developing countries.
The IDB’s Multilateral Investment Fund, which promotes microfinance and small business development in Latin America and the Caribbean, has been studying remittance flows since 2000.
Source:
WHAT: News conference on global remittances flows
WHERE: National Press Club, Washington, DC
WHEN: Wednesday, October 17, 12:30 PM
WHO: Kevin Cleaver, IFAD, and Donald Terry, IDB
The International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB) will hold a news conference on Wednesday, October 17 in Washington, DC to present the first-ever global map of migrant remittance flows.
The map is based on a new study, Sending Money Home: Worldwide Remittances to Developing Countries, conducted by the Rome-based IFAD and the Washington-based IDB. The study shows that the total amount of money sent by migrant workers in rich countries such as the United States to their homelands is much higher than previously estimated.
The news conference will be held at 12:30 PM at the National Press Club (529 14th Street, NW, 13th floor, Zenger Room). The map and the study will be presented by IFAD Assistant President Kevin Cleaver and Donald F. Terry, general manager of the IDB’s Multilateral Investment Fund.
IFAD, a specialized United Nations agency, is an international financial institution dedicated to eradicating poverty and hunger in rural areas of developing countries.
The IDB’s Multilateral Investment Fund, which promotes microfinance and small business development in Latin America and the Caribbean, has been studying remittance flows since 2000.
Source:
Remittances raise OFW families' economic status
Thanks to remittances from Filipinos working abroad, some 265,000 Filipino families have now joined the middle class, the latest study by the media research firm Nielsen Media Research Philippines showed.
Jay Bautista, executive director of Nielsen Media Research - Philippines, said some 25 percent of the official 1,063 OFWs deployed in 2006 have now been lifted from poverty.The number of OFWs came from the Philippine Overseas Employment Agency. However, estimates have placed overseas Filipino population at around 12 million, including the undocumented workers.“In effect, they are the real heroes.
We have lesser number of poor Filipinos because of them," Bautista said.The study had a sample size of 300 OFW families located in key cities in the country. [Read more]
Jay Bautista, executive director of Nielsen Media Research - Philippines, said some 25 percent of the official 1,063 OFWs deployed in 2006 have now been lifted from poverty.The number of OFWs came from the Philippine Overseas Employment Agency. However, estimates have placed overseas Filipino population at around 12 million, including the undocumented workers.“In effect, they are the real heroes.
We have lesser number of poor Filipinos because of them," Bautista said.The study had a sample size of 300 OFW families located in key cities in the country. [Read more]
Friday 5 October 2007
Bangladesh: Remittance grows 24pc in 3 monthsStar Business Report
Star Business Report
Remittance inflow into the country recorded a 24 percent growth in the first three months of the current fiscal year.The non-resident Bangladeshis (NRBs) sent US$ 1645.55 million during July-September period of 2007-08 compared to $ 1330.02 million during the same period of the previous fiscal year.
Banking sources said Bangladesh received a handsome amount of remittance during the period because of the upcoming Eid-ul-Fitr festival. During Eid festivals, expatriate Bangladeshis usually send more money to the country.The country received $ 542.28 million remittance in September, $ 483.66 million in August and $ 567.11 million in June of the current fiscal year. [Read more]
Remittance inflow into the country recorded a 24 percent growth in the first three months of the current fiscal year.The non-resident Bangladeshis (NRBs) sent US$ 1645.55 million during July-September period of 2007-08 compared to $ 1330.02 million during the same period of the previous fiscal year.
Banking sources said Bangladesh received a handsome amount of remittance during the period because of the upcoming Eid-ul-Fitr festival. During Eid festivals, expatriate Bangladeshis usually send more money to the country.The country received $ 542.28 million remittance in September, $ 483.66 million in August and $ 567.11 million in June of the current fiscal year. [Read more]
International Forum on Remittances 2007
Start:October 18, 2007 - 00:00
Web address: www.ifad.org/remittances - www.iadb.org/mif
International Forum on Remittances 2007Washington DC, 18-19 October 2007
Remittances represent one of the human faces of globalization, with millions migrating each year in search of a better life and the ability to provide for their loved ones back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. In fact, one person out of every ten in the world is personally affected by the approximately US$350 billion in remittances that are sent every year by migrants to families back home.
The International Fund for Agricultural Development (IFAD) and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) are pleased to host the 2007 International Forum on Remittances at the IDB Conference Center in Washington DC, on 18-19 October 2007.
The Forum will bring together key players to raise awareness of the challenges and opportunities of remittances and to shed light on the rural dimension of these flows, estimated at 40 per cent of total flows. The main sessions will focus on financial inclusion, migrant investments with a gender dimension, technology and innovation, and remittances and development.
Web address: www.ifad.org/remittances - www.iadb.org/mif
International Forum on Remittances 2007Washington DC, 18-19 October 2007
Remittances represent one of the human faces of globalization, with millions migrating each year in search of a better life and the ability to provide for their loved ones back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. In fact, one person out of every ten in the world is personally affected by the approximately US$350 billion in remittances that are sent every year by migrants to families back home.
The International Fund for Agricultural Development (IFAD) and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) are pleased to host the 2007 International Forum on Remittances at the IDB Conference Center in Washington DC, on 18-19 October 2007.
The Forum will bring together key players to raise awareness of the challenges and opportunities of remittances and to shed light on the rural dimension of these flows, estimated at 40 per cent of total flows. The main sessions will focus on financial inclusion, migrant investments with a gender dimension, technology and innovation, and remittances and development.
Western Union Opens Biggest Remittance Outlet
October 3, 2007 10:07 p.m. EST
ittorio Hernandez - AHN News Writer
Singapore (AHN) - The world's largest money transfer company opened Wednesday its biggest remittance outlet in Singapore, amid Asia's emergence as a growth engine for the U.S. firm.
Western Union chief executive officer Christina Gold, on an Asian tour, opened the Singapore center expected to handle S1.48 billion USD in remittances to various parts of the world.
The outlet is located at the Luck Plaza mall, one of Western Union's 99,000 Asian units. Western Union's operations in the region comprise a third of its 312,000 centers around the world.
In the past, the bulk of the company's remittance business was from Asian workers in the west, but there is an ongoing shift toward intra-Asia transfer. [Read more]
ittorio Hernandez - AHN News Writer
Singapore (AHN) - The world's largest money transfer company opened Wednesday its biggest remittance outlet in Singapore, amid Asia's emergence as a growth engine for the U.S. firm.
Western Union chief executive officer Christina Gold, on an Asian tour, opened the Singapore center expected to handle S1.48 billion USD in remittances to various parts of the world.
The outlet is located at the Luck Plaza mall, one of Western Union's 99,000 Asian units. Western Union's operations in the region comprise a third of its 312,000 centers around the world.
In the past, the bulk of the company's remittance business was from Asian workers in the west, but there is an ongoing shift toward intra-Asia transfer. [Read more]
Thursday 4 October 2007
Microcredit movement tackling poverty one tiny loan at a time
Patricia Yollin, Chronicle Staff Writer
Sunday, September 30, 2007
A Peruvian widow borrowed $64 and bought a few pigs. For $55, a villager in Ghana went into the mineral-water trade. A mother of nine in Guatemala upgraded her grocery store with $250.
These women from three continents have something in common: They are beneficiaries of microcredit - very small loans to very poor people for very small businesses. The benefactors, in many cases, are ordinary individuals inspired by a movement that is reshaping philanthropy and making it as accessible as the click of a mouse or a visit to a house party.
More and more of us are becoming convinced that lending even tiny amounts of money to destitute people in the developing world can transform lives - theirs and ours [Read more]
Sunday, September 30, 2007
A Peruvian widow borrowed $64 and bought a few pigs. For $55, a villager in Ghana went into the mineral-water trade. A mother of nine in Guatemala upgraded her grocery store with $250.
These women from three continents have something in common: They are beneficiaries of microcredit - very small loans to very poor people for very small businesses. The benefactors, in many cases, are ordinary individuals inspired by a movement that is reshaping philanthropy and making it as accessible as the click of a mouse or a visit to a house party.
More and more of us are becoming convinced that lending even tiny amounts of money to destitute people in the developing world can transform lives - theirs and ours [Read more]
Sunday 30 September 2007
Pakistans: Higher remittances keep rupee firm
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]
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]
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]
Monday 27 August 2007
India: Remittance market opens new avenues
Business & Economy News Bureau
Just like the negative thinking behind population boom, which was once considered a doom for India and its growth, faced a face down with the rise of BPO industry. So is the fact that skilled labourers are going abroad and settling there. It not only helps in earning foreign exchange (preliminary figures in the RBI annual report for the year ended June 2006 show that non resident Indian deposits were the third largest contributor to the total capital flows in 2005-06), it also helped in making India the country which receives the largest remittance in the world. According to World Bank numbers, India gets over 10 percent of the USD230 billion global remittance market.[Read more]
Just like the negative thinking behind population boom, which was once considered a doom for India and its growth, faced a face down with the rise of BPO industry. So is the fact that skilled labourers are going abroad and settling there. It not only helps in earning foreign exchange (preliminary figures in the RBI annual report for the year ended June 2006 show that non resident Indian deposits were the third largest contributor to the total capital flows in 2005-06), it also helped in making India the country which receives the largest remittance in the world. According to World Bank numbers, India gets over 10 percent of the USD230 billion global remittance market.[Read more]
Sunday 26 August 2007
Jamaica National (JN) remittance fees waived…all JN Money transfers to Jamaica at no cost
All JN Money transfers to Jamaica at no cost
KINGSTON, Jamaica - All fees charged for sending remittances to Jamaica via JN Money Transfer have been waived for the next four days. This waiver is in effect for all remittances sent from the United States, Canada, the United Kingdom, St. Vincent and Cayman, and expires on Saturday, August 25, 2007.
The announcement was made Monday, August 20 by Emile Spence, General Manager of JN Money Services (JNMS), a subsidiary of the Jamaica National Building Society (JNBS).“We recognize that persons may wish to provide financial help for their family and loved ones in Jamaica to get back on track, and we decided to assist them in doing so by waiving the transfer fees,” he stated. [Read more]
KINGSTON, Jamaica - All fees charged for sending remittances to Jamaica via JN Money Transfer have been waived for the next four days. This waiver is in effect for all remittances sent from the United States, Canada, the United Kingdom, St. Vincent and Cayman, and expires on Saturday, August 25, 2007.
The announcement was made Monday, August 20 by Emile Spence, General Manager of JN Money Services (JNMS), a subsidiary of the Jamaica National Building Society (JNBS).“We recognize that persons may wish to provide financial help for their family and loved ones in Jamaica to get back on track, and we decided to assist them in doing so by waiving the transfer fees,” he stated. [Read more]
Friday 24 August 2007
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]
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]
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]
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]
Tuesday 21 August 2007
Obama Supports Family Travel and Remittances to Cuba
August 21, 2007
Beth Reinhard -- The Miami Herald
MIAMI - Democratic presidential candidate Barack Obama is calling for "unrestricted rights" for Cuban Americans to visit and send money to family in Cuba, just days before his first pilgrimage to Little Havana as a presidential candidate.
President Bush clamped down on family travel and remittances to Cuba in an effort to squeeze dictator Fidel Castro. The policy has become a flash point in the Cuban-American community, which traditionally leans toward the GOP. [Read more]
Beth Reinhard -- The Miami Herald
MIAMI - Democratic presidential candidate Barack Obama is calling for "unrestricted rights" for Cuban Americans to visit and send money to family in Cuba, just days before his first pilgrimage to Little Havana as a presidential candidate.
President Bush clamped down on family travel and remittances to Cuba in an effort to squeeze dictator Fidel Castro. The policy has become a flash point in the Cuban-American community, which traditionally leans toward the GOP. [Read more]
Migrant Cash Is World Economic Giant
By WILLIAM J. KOLE (Associated Press Writer)
From Associated PressAugust 18, 2007 11:13 PM EDT
TIRANA, Albania - Josif Poro pats his new sofa, points with pride to his carpets and runs a wrinkled hand over a gleaming white refrigerator. He and his wife barely scrape by on their $220 monthly pension. They'd have to do without many of the items in their cramped apartment if their son, a factory worker in Greece, didn't faithfully send home part of his earnings.
"We call him our golden boy," said Poro, 83, a retired textile mill worker.
Around the world, millions of immigrants are sending billions of dollars back home.
One sweaty wad of bills or $200 Western Union moneygram at a time, they form what could be called Immigration, Inc. - one of the biggest businesses on the planet. [Read more]
From Associated PressAugust 18, 2007 11:13 PM EDT
TIRANA, Albania - Josif Poro pats his new sofa, points with pride to his carpets and runs a wrinkled hand over a gleaming white refrigerator. He and his wife barely scrape by on their $220 monthly pension. They'd have to do without many of the items in their cramped apartment if their son, a factory worker in Greece, didn't faithfully send home part of his earnings.
"We call him our golden boy," said Poro, 83, a retired textile mill worker.
Around the world, millions of immigrants are sending billions of dollars back home.
One sweaty wad of bills or $200 Western Union moneygram at a time, they form what could be called Immigration, Inc. - one of the biggest businesses on the planet. [Read more]
Remittances, Free Trade and Cross-Border Banking Examined in Dallas Fed Report
DALLAS, Aug 20, 2007 /PRNewswire via COMTEX/ -- Remittances to Mexico, free trade and cross-border banking are the focus of the Federal Reserve Bank of Dallas' latest issue of Southwest Economy.
Find the July/August issue online at http://www.dallasfed.org/.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances from the United States to Mexico, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius.
In "Explaining the Increase in Remittances to Mexico," the authors assert that the growth in the Mexican migrant population and their income alone can't account for the increase in remittances. [Read more]
Find the July/August issue online at http://www.dallasfed.org/.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances from the United States to Mexico, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius.
In "Explaining the Increase in Remittances to Mexico," the authors assert that the growth in the Mexican migrant population and their income alone can't account for the increase in remittances. [Read more]
U.S. remittances to Mexico on the rise
U.S. remittances to Mexico grew rapidly in a five-year period from 2000 to 2005 because the Mexican migrant population is embracing traditional banking channels, according to a new report by the Dallas Federal Reserve.
"Real remittances grew 170 percent from 2000 to 2005, but in the U.S., the Mexican-born population grew only 20 percent," the Fed said in its latest issue of Southwest Economy.
The issue focuses on remittances to Mexico, free trade and cross-border banking.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius. [Read more]
"Real remittances grew 170 percent from 2000 to 2005, but in the U.S., the Mexican-born population grew only 20 percent," the Fed said in its latest issue of Southwest Economy.
The issue focuses on remittances to Mexico, free trade and cross-border banking.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius. [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]
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]
Dallas Fed Explores Remittances to Mexico, Cross-Border Banking
Remittances to Mexico, free trade and cross-border banking are the focus of the Federal Reserve Bank of Dallas'latest issue of Southwest Economy (PDF). According to the Fed, "over the last decade or so, inflation-adjusted remittances [to Mexico] have grown at an average annual rate of 15.6 percent. Since 2000, the rate has risen to 20.4 percent."
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances from the United States to Mexico, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius.
In "Explaining the Increase in Remittances to Mexico," the authors assert that the growth in the Mexican migrant population and their income alone can't account for the increase in remittances. [Read more]
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances from the United States to Mexico, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius.
In "Explaining the Increase in Remittances to Mexico," the authors assert that the growth in the Mexican migrant population and their income alone can't account for the increase in remittances. [Read more]
Dhaka to sign deal with Doha to safeguard workers’ rights
Raheed Ejaz
Dhaka is set to sign an additional deal with Doha for protecting the rights of the Bangladeshis working in the gulf country. The government has taken the initiative as the existing deal does not fully ensure the rights of Bangladeshi workers in Qatar and the other South Asian countries, including India and Pakistan, have already signed such agreements, officials in the ministry of foreign affairs and expatriate and overseas employment said.
‘Also, our recent negative experience in some of the Middle Eastern countries, especially Kuwait’s decision to deport illegal workers, has made it necessary to sign such deal,’ said an official of the expatriate welfare and overseas ministry. ‘We have finalised the draft of the agreement and hope to sign it very shortly,’ Md Abdul Matin Chowdhury, acting secretary of the expatriate welfare and overseas employment ministry told New Age on Thursday. He said that the draft of the deal, styled ‘Additional Protocol to the Agreement between Qatar and Bangladesh on the Regulation of the Employment of Bangladesh Citizens’, was finalised in an inter-ministerial meeting headed by him on Monday.
The secretary said that the draft was sent to the law ministry for vetting and afterwards it would be placed before the cabinet for approval. Two clauses were incorporated in the protocol. One states that before any deportation, Bangladeshi workers should be compensated following the labour laws of the Gulf state that safeguards all basic rights of workers. ‘To avoid such deportation, initiative should be taken so that the workers could be provided with job there,’ the other clause said. The initial agreementl was signed between the two countries in 1998. An official of the ministry said that the Qatar authorities recently told Bangladesh to revise it like India and Pakistan if it required doing so. ‘Later, Qater sent the copies of the deals it signed with India and Pakistan to us. After going through those deals, we have decided to follow the Pakistani deal as there are similarities between our situations,’ the official added.
At present some 80,000 Bangladeshis are working in Qatar and the country fetched $ 233.17 million as remittance in 2006-07 fiscal from the Gulf state. Earlier this year the Kuwaiti authorities decided to deport illegal migrants staying in the Gulf country by September. According to official estimate, some 30,000 undocumented Bangladeshis are staying in the Gulf state.
Source
Dhaka is set to sign an additional deal with Doha for protecting the rights of the Bangladeshis working in the gulf country. The government has taken the initiative as the existing deal does not fully ensure the rights of Bangladeshi workers in Qatar and the other South Asian countries, including India and Pakistan, have already signed such agreements, officials in the ministry of foreign affairs and expatriate and overseas employment said.
‘Also, our recent negative experience in some of the Middle Eastern countries, especially Kuwait’s decision to deport illegal workers, has made it necessary to sign such deal,’ said an official of the expatriate welfare and overseas ministry. ‘We have finalised the draft of the agreement and hope to sign it very shortly,’ Md Abdul Matin Chowdhury, acting secretary of the expatriate welfare and overseas employment ministry told New Age on Thursday. He said that the draft of the deal, styled ‘Additional Protocol to the Agreement between Qatar and Bangladesh on the Regulation of the Employment of Bangladesh Citizens’, was finalised in an inter-ministerial meeting headed by him on Monday.
The secretary said that the draft was sent to the law ministry for vetting and afterwards it would be placed before the cabinet for approval. Two clauses were incorporated in the protocol. One states that before any deportation, Bangladeshi workers should be compensated following the labour laws of the Gulf state that safeguards all basic rights of workers. ‘To avoid such deportation, initiative should be taken so that the workers could be provided with job there,’ the other clause said. The initial agreementl was signed between the two countries in 1998. An official of the ministry said that the Qatar authorities recently told Bangladesh to revise it like India and Pakistan if it required doing so. ‘Later, Qater sent the copies of the deals it signed with India and Pakistan to us. After going through those deals, we have decided to follow the Pakistani deal as there are similarities between our situations,’ the official added.
At present some 80,000 Bangladeshis are working in Qatar and the country fetched $ 233.17 million as remittance in 2006-07 fiscal from the Gulf state. Earlier this year the Kuwaiti authorities decided to deport illegal migrants staying in the Gulf country by September. According to official estimate, some 30,000 undocumented Bangladeshis are staying in the Gulf state.
Source
Sunday 19 August 2007
Banks charge too much for overseas money transfers
By Honesto General
Inquirer
Last updated 03:53am (Mla time) 08/15/2007
Modern-day banking started on the sidewalks of medieval Milan, Italy. Money was actually traded from benches, hence “banco,” or bank. At that time, bankers were considered only a head above murderers, robbers and thieves.
Today, bankers have become respectable. But there are pockets of sheer greed.
When I was in Los Angeles recently, I had to send $500 to my son in Makati City. Philippine National Bank has a subsidiary that handles money transfers. I was charged a fee of three percent, or $15. [Read more]
Inquirer
Last updated 03:53am (Mla time) 08/15/2007
Modern-day banking started on the sidewalks of medieval Milan, Italy. Money was actually traded from benches, hence “banco,” or bank. At that time, bankers were considered only a head above murderers, robbers and thieves.
Today, bankers have become respectable. But there are pockets of sheer greed.
When I was in Los Angeles recently, I had to send $500 to my son in Makati City. Philippine National Bank has a subsidiary that handles money transfers. I was charged a fee of three percent, or $15. [Read more]
RP expected to benefit from 'reverse migration'
y Doris DumlaoInquirer
Last updated 03:49pm (Mla time) 08/19/2007
THE CHIEF economist of Deutsche Bank has cited the Philippines' potential to benefit from the same phenomenon of reverse migration that bailed Ireland out of the poverty trap three decades ago.
In a briefing last week, visiting Deutsche Bank chief economist Norbert Walter said he was upbeat on the Philippines and its ability to catch up with Asia's fast-growing economies.
"In our analysis, the rating has improved for this very country. I've never seen such good economic and political weather in the Philippines," he said.
[Read more]
Last updated 03:49pm (Mla time) 08/19/2007
THE CHIEF economist of Deutsche Bank has cited the Philippines' potential to benefit from the same phenomenon of reverse migration that bailed Ireland out of the poverty trap three decades ago.
In a briefing last week, visiting Deutsche Bank chief economist Norbert Walter said he was upbeat on the Philippines and its ability to catch up with Asia's fast-growing economies.
"In our analysis, the rating has improved for this very country. I've never seen such good economic and political weather in the Philippines," he said.
[Read more]
Philippines: 17 death sentences on OFWs commuted
But 2 executions final and executory
By Veronica UyINQUIRER.netLast updated 06:39pm (Mla time) 08/17/2007
MANILA, Philippines -- Seventeen of 49 overseas Filipino workers (OFWs) facing the death penalty have been spared from the sentence.
But the sentence on two of the OFWs is final and executory.
But Foreign Affairs Undersecretary for Migrant Workers’ Affairs Esteban Conejos, whose office has been working on the cases of these OFWs since January last year, said the bad news is not so bad because the child of the two OFWs’ murder victim has still not reached the age of majority, by which time she may be able to forgive the convicts and spare their lives.
[Read more]
By Veronica UyINQUIRER.netLast updated 06:39pm (Mla time) 08/17/2007
MANILA, Philippines -- Seventeen of 49 overseas Filipino workers (OFWs) facing the death penalty have been spared from the sentence.
But the sentence on two of the OFWs is final and executory.
But Foreign Affairs Undersecretary for Migrant Workers’ Affairs Esteban Conejos, whose office has been working on the cases of these OFWs since January last year, said the bad news is not so bad because the child of the two OFWs’ murder victim has still not reached the age of majority, by which time she may be able to forgive the convicts and spare their lives.
[Read more]
Philippines: DOLE to teach OFWs how to invest
By Jerome Aning
InquirerLast updated 09:23pm (Mla time) 08/18/2007
MANILA, Philippines -- The Department of Labor and Employment said there was a need to teach returning overseas Filipino workers and families of OFWs still abroad how to spend or invest their dollar earnings.
Labor Secretary Arturo Brion said the National Reintegration Center for OFWs, a newly-created DOLE agency, would be going around the provinces to teach OFWs and their families how they can engage in livelihood and small- and medium-enterprises using their earnings. [Read more]
InquirerLast updated 09:23pm (Mla time) 08/18/2007
MANILA, Philippines -- The Department of Labor and Employment said there was a need to teach returning overseas Filipino workers and families of OFWs still abroad how to spend or invest their dollar earnings.
Labor Secretary Arturo Brion said the National Reintegration Center for OFWs, a newly-created DOLE agency, would be going around the provinces to teach OFWs and their families how they can engage in livelihood and small- and medium-enterprises using their earnings. [Read more]
Saturday 18 August 2007
GCMT Conference 29–30 october 2007 Dorchester Hotel, London
IAMTN's 3rd Annual Global Consumer Money Transfers Conference is the leading industry conference addressing the new regulatory, business, structural and technological changes transforming the money transfers market.
This conference is a must for industry CEOs, COO's, CFO's and other professionals responsible for market regulation, legal and compliance, business development, IT solutions and also for technology providers and investment bankers. The conference provides a unique networking opportunity in the luxurious environment of the Dorchester Hotel, located in the heart of London's West End.
The conference will address the following issues:
- Major trends in money transfer markets
- Regional developments in money transfers
- Remittances formal vs informal
- New technologies
- Money transfers startups
- Successful business models
- Compliance for international money transfer companies
- Remittances as an investment opportunity
- Global Regulatory Issues
[Read more]
This conference is a must for industry CEOs, COO's, CFO's and other professionals responsible for market regulation, legal and compliance, business development, IT solutions and also for technology providers and investment bankers. The conference provides a unique networking opportunity in the luxurious environment of the Dorchester Hotel, located in the heart of London's West End.
The conference will address the following issues:
- Major trends in money transfer markets
- Regional developments in money transfers
- Remittances formal vs informal
- New technologies
- Money transfers startups
- Successful business models
- Compliance for international money transfer companies
- Remittances as an investment opportunity
- Global Regulatory Issues
[Read more]
EVENT: International Conference: Cooperation and Development
Through the Valencian University Board for International Relations and Cooperation (CUVRIC), and the Valencian Regional Government (Generalitat Valenciana), through its Ministry for Cooperation and Participation, the five Valencian state universities (Universitat de València, Universitat Jaume I de Castellón, Universitat Politècnica de València, Universitat d’Alacant, and Universitat Miguel Hernández de Elche), would like to announce that they are organising the II International Conference on Cooperation for Development: Migration and Co-development.
The Conference will be held in Alicante, from 15th to 17th November 2007, as part of the Region of Valencia’s annual Solidà ria awareness-raising programme.
Objectives
The main aim of this Conference is to reflect on the situation, factors, project methodology and results related to Migration and Co-development. Equally, it is hoped that conclusions will be reached which may, in the near future, make it possible for the different social agents involved in cooperation to establish specific lines of action, particularly those related to the public or non-profit-making sectors, which may contribute towards creating specific policies or projects.
The aims of the Conference are divided into two areas:
a) To carry out a scientific analysis in order to obtain conclusions to improve cooperation set up and financed by public and private funds.
b)To carry out a social awareness campaign on the (current and necessary) impact of international cooperation on the promotion of co-development.
[Read more]
The Conference will be held in Alicante, from 15th to 17th November 2007, as part of the Region of Valencia’s annual Solidà ria awareness-raising programme.
Objectives
The main aim of this Conference is to reflect on the situation, factors, project methodology and results related to Migration and Co-development. Equally, it is hoped that conclusions will be reached which may, in the near future, make it possible for the different social agents involved in cooperation to establish specific lines of action, particularly those related to the public or non-profit-making sectors, which may contribute towards creating specific policies or projects.
The aims of the Conference are divided into two areas:
a) To carry out a scientific analysis in order to obtain conclusions to improve cooperation set up and financed by public and private funds.
b)To carry out a social awareness campaign on the (current and necessary) impact of international cooperation on the promotion of co-development.
[Read more]
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