Gloria Esguerra Melencio, Arab News
MANILA, 11 January 2008 — Work abroad remains enticing as an average of 2,941 Filipinos left the Philippines every day to work overseas, mainly in the Middle East last year, despite the continuing decrease in the value of remittances due to fluctuating the peso-dollar exchange rate.
Preliminary data from the Philippine Overseas Employment Administration (POEA) revealed that remittances by Overseas Filipino Workers (OFWs) have increased by 21.92 percent with May 2006 total remittances of $1 million jumping to January 2007 remittances of $5.9 million. [Read more]
Sunday, 13 January 2008
Moroccan expatriates' remittances, tourist receipts over January-November 2007
Rabat, Jan. 3 - Moroccan expatriates' remittances and tourist receipts posted, over the period January-November 2007, respectively a 17.2% and 13.8% rise, compared to the same period of the previous year, according to figures released by the Office des Changes (Exchange Office).
Tourist receipts totaled, by late November, some USD 7Bn as against USD 6Bn in the same period of 2006. Compared with the average of receipts by the end of November over 2002-2006 (USD 4Bn), receipts rose by 57.2%. [Read more]
Tourist receipts totaled, by late November, some USD 7Bn as against USD 6Bn in the same period of 2006. Compared with the average of receipts by the end of November over 2002-2006 (USD 4Bn), receipts rose by 57.2%. [Read more]
Philippines: High Remittances Attributed to Shift in OFW Employment Pattern
Iloilo City -- The continued high remittances from the Overseas Filipino Workers (OFWs) had been attributed to the shift in employment pattern.Labor Secretary Arturo Brion said the reason for this is that the country had more professional and skilled workers going overseas rather than the non-skilled workers.
Brion noted that in 2006, 60 percent of the more than one million OFWs were professionals, while 40 percent were non-skilled workers.He said that in 2007 the deployment of skilled overseas workers increased to 73 percent compared to 27 percent for non-skilled workers, including domestic workers. [Read more]
Brion noted that in 2006, 60 percent of the more than one million OFWs were professionals, while 40 percent were non-skilled workers.He said that in 2007 the deployment of skilled overseas workers increased to 73 percent compared to 27 percent for non-skilled workers, including domestic workers. [Read more]
Indian Ex-Pats Will Direct Investment into Social Projects
January 05, 2008 - 23:00, The Peninsula - Quatar
THE NR EYE: Focus on investment in social projects
Indian officials have made it plain that they’ve given up using the annual diaspora conclave as a platform to woo investments of overseas Indians.
"The investment or money has not been forthcoming. Therefore, we decided that we will not ask for any investment this year (at Pravasi Bharatiya Divas 2008) but seek partnership from NRIs for philanthropic projects," Overseas Indian Affairs Minister Vayalar Ravi told the media recently.
In India, the contributions made by migrants are not readily apparent in economic terms. Overseas Chinese, for example, accounted for 80 per cent or more of the inward foreign direct investment into China in the 1980s and early 1990s, when that country opened up. By contrast, Non-resident Indians (NRIs) accounted for 10 per cent or less of inward FDI after India opened up. Most of the capital sent to India by NRIs has been personal transfers to family and friends, not FDI. [Read more]
THE NR EYE: Focus on investment in social projects
Indian officials have made it plain that they’ve given up using the annual diaspora conclave as a platform to woo investments of overseas Indians.
"The investment or money has not been forthcoming. Therefore, we decided that we will not ask for any investment this year (at Pravasi Bharatiya Divas 2008) but seek partnership from NRIs for philanthropic projects," Overseas Indian Affairs Minister Vayalar Ravi told the media recently.
In India, the contributions made by migrants are not readily apparent in economic terms. Overseas Chinese, for example, accounted for 80 per cent or more of the inward foreign direct investment into China in the 1980s and early 1990s, when that country opened up. By contrast, Non-resident Indians (NRIs) accounted for 10 per cent or less of inward FDI after India opened up. Most of the capital sent to India by NRIs has been personal transfers to family and friends, not FDI. [Read more]
US Dollar Decline Impacts Immigrant Remittances
By Nathan King
New York 03 January 2008
The value of the U.S. dollar has dropped about 20 percent against a basket of major currencies in the last five years. This decline has been especially tough for immigrants who work in the United States and send money to their families back home. As Nathan King reports from New York, these dollar remittances are key for the economies in many developing nations.
Eric Amaoako says he is working harder to send money home to his wife and his parents in GhanaNo weekends off and as much overtime as he can get. Eric Amaoako lives and works in New York, but has four children, a wife and his parents relying on the $200 he sends back home each month to Ghana.
In previous years, life hasn't been this hard for Amaoako. But because of the continued depreciation of the U.S. dollar, the money he sends home has less purchasing power so he has had to work harder and longer to send more. [Read more]
New York 03 January 2008
The value of the U.S. dollar has dropped about 20 percent against a basket of major currencies in the last five years. This decline has been especially tough for immigrants who work in the United States and send money to their families back home. As Nathan King reports from New York, these dollar remittances are key for the economies in many developing nations.
Eric Amaoako says he is working harder to send money home to his wife and his parents in GhanaNo weekends off and as much overtime as he can get. Eric Amaoako lives and works in New York, but has four children, a wife and his parents relying on the $200 he sends back home each month to Ghana.
In previous years, life hasn't been this hard for Amaoako. But because of the continued depreciation of the U.S. dollar, the money he sends home has less purchasing power so he has had to work harder and longer to send more. [Read more]
UK/Africa: CUSTOMER CHARTER PROMISES BETTER DEAL FOR FAMILIES WHO SEND MONEY TO LOVED ONES IN AFRICA
Press Releases - Thu, 10 Jan 2008
Consumers sending money to family and friends overseas will gain new safeguards under a new customer charter for money transfer companies launched today by International Development Minister Shahid Malik.
People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies. Yet many find the process difficult and insecure.
Charges vary widely and the total cost to send £100 to some countries can range from less than £4 to as much as £40.According to research by the Department for International Development (DFID), the biggest worry for those sending money is whether it will arrive safely, followed by excessive charges and delays to relatives receiving the money. [Read more]
Consumers sending money to family and friends overseas will gain new safeguards under a new customer charter for money transfer companies launched today by International Development Minister Shahid Malik.
People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies. Yet many find the process difficult and insecure.
Charges vary widely and the total cost to send £100 to some countries can range from less than £4 to as much as £40.According to research by the Department for International Development (DFID), the biggest worry for those sending money is whether it will arrive safely, followed by excessive charges and delays to relatives receiving the money. [Read more]
Ghana: Economic Importance Of Foreign Remittances
Business/Finance - Fri, 04 Jan 2008
Remittances over the years, as the records indicate, have played a significant role in the socio-economic development of the country and are also emerging as one of the leading contributors to Ghana’s Gross Domestic Product (GDP).
Information accessible at the Bank of Ghana reveals that from January to November 2006, private inward transfers from non-governmental organisations (NGOs), individuals and other institutions through the Bank of Ghana and other financial institutions stood at US$4.25 billion, representing the largest source of foreign exchange into the country.
Again, for the first quarter of 2007, according to figures released by the Bank of Ghana, remittances to the country totalled US$1.52 billion, representing an increase of about 17.1 per cent over the same period last year. [Read more]
Remittances over the years, as the records indicate, have played a significant role in the socio-economic development of the country and are also emerging as one of the leading contributors to Ghana’s Gross Domestic Product (GDP).
Information accessible at the Bank of Ghana reveals that from January to November 2006, private inward transfers from non-governmental organisations (NGOs), individuals and other institutions through the Bank of Ghana and other financial institutions stood at US$4.25 billion, representing the largest source of foreign exchange into the country.
Again, for the first quarter of 2007, according to figures released by the Bank of Ghana, remittances to the country totalled US$1.52 billion, representing an increase of about 17.1 per cent over the same period last year. [Read more]
Value of OFWs is not in $12-B annual remittance
By Willy E. ArcillaPhilippine Daily InquirerFirst Posted 00:04:00 01/14/2008
MANILA, Philippines--THERE IS AN an urgent and pressing need to arrest if not reverse the chronic brain drain led by the millions of OFWs and emigres by addressing their reasons for leaving: The lack of opportunities at home to improve their quality of life and provide for a better future for their families.
It is lamentable to hear top government leaders celebrating the exodus of OFWs in anticipation of their monthly remittances that only feed private consumption spending. [Read more]
MANILA, Philippines--THERE IS AN an urgent and pressing need to arrest if not reverse the chronic brain drain led by the millions of OFWs and emigres by addressing their reasons for leaving: The lack of opportunities at home to improve their quality of life and provide for a better future for their families.
It is lamentable to hear top government leaders celebrating the exodus of OFWs in anticipation of their monthly remittances that only feed private consumption spending. [Read more]
Thursday, 6 December 2007
Western Union Supports Disaster Relief Initiatives in Bangladesh
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]
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]
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]
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