Remittances in first 7-month reach $9.6B

Filipinos abroad has sent home $9.6 billion through banks to their loved ones in the Philippines in the first seven months of the year, the central bank said in a statement Monday. In July alone, remittances reached $1.37 billion, a whopping 24.6 percent increase from the same period last year. While this growth is slower than last June’s 30 percent in June, the July growth is still the fourth month that monthly remittances increased by double digit.

Remittances from January to July is already 18.2 percent more than how much overseas Filipinos sent in 2007.

Bulk of the remittances come from the U.S.A, Saudi Arabia, U.K., Italy, United Arab Emirates, Canada, Japan, Singapore, and Hong Kong.

Total remittances are expected to reach $15.9 billion this year as Filipinos continue to seek higher-paying jobs abroad to support their families at home.

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr attributed the robust remittance levels to the continued deployment of Filipino workers overseas and the availability of alternative means to remit money from abroad.

761,836 OFWs

Preliminary data from the Philippine Overseas Employment Administration (POEA) showed that in the first seven months, 761,836 Filipinos left mostly for employment opportunities abroad. That was 28 percent more than 2007’s level of 594,445 during the same period, potentially reflecting foreign employers’ preference for Filipino workers, most of them proficient in English.

Deployment of Filipinos for overseas work could still improve soon since the dozen countries that are members of the Association of South East Asian Nations has just recently concluded an agreement to standardize, regulate, and monitor professional standards, especially those pertaining to accountants, dentists, and medical practitioners.

This agreement is expected make the movement of professionals within the ASEAN region easier.

Meantime, the Philippine government is currently in discussions with employers in France, Canada, Australia, Saudi Arabia, Norway and Finland for possible deployment of more nurses, Information Technology experts, and engineers.

Wireless remittance

Remittances coursed through non-bank remittance agents have also been approved by the central bank not only to provide better money transfer services to overseas workers, but also to ensure these are recorded well. There used to be “leakages,” or those amounts remitted to the Philippines that could not be captured in the central bank’s system because they are course through unofficial means.

The BSP previously said unofficial money transfers, such as money sent home through relatives and friends, have dwindled to about 5 percent of total annual remittances from about 20-30 percent three years ago.

A few months ago, GCASH, a remittance service by local telecommunications service provider, Globe Telecom, was launched in United Arab Emirates and Hawaii to facilitate the electronic transfer of remittance through the wireless products at a fraction of the cost of other bank and non-bank agencies.

abs-cbnNEWS.com | 09/15/2008 3:48 PM

Find more like this: Business, OFW

Comments

  1. ej says:

    We keep negotiating from other country to send our professionals overseas or their country. and the Philippine based companies, schools among others are crying Brain Drain!!!
    I think we have a lot more to offer than just mere sending SLAVES overseas (I’m one of the slaves. I think it’s high time that the Philipine company should invest overseas.
    Time to Invest outside our country.
    Petron should invest here in Iraq, before it get too crowded.

  2. Timawa says:

    We should not invest overseas. That’ll just turn us into slave masters, or those that do get to invest anyway, and it’s likely that the people that we’ll enslave are our people working in sweatshops and the like, though the enslavement of anyone would be bad.

    What we need to do is to stop buying foreign products and help develop local industry by purchasing Filipino goods. $10B a year! Recycle it in the local economy and it will help it grow. That’s how the repressed Jews built capital in Europe by earning money outside the community but purchasing within.

    If done right, and if we can get rid of the greed and corruption, we can be debt free w/in 5 yrs and have prosperity for all within 10.

    Vote Timawa 2010!!!!

  3. ej says:

    Wow….that would be great….
    but that is wishfull thinking…
    you talked about the Jews..did they also not invest outside their country???? and part os what they earned overseas are being sent back to thier country….did they not promote their country as atourist destination? Japan also did that after the war…but soon they ralize that need to invest elsewhere if they want to build their country..look at them now…
    Buying localy made products are good..but it is not enough…

  4. Timawa says:

    What I said was “repressed Jews built capital in Europe,” in reference to the diaspora in Europe before the re-establishment of Israel in ’48.

    Yes, both Japan and Israel heavily invest outside their local economies but, in the case of Japan, that happened after they built their economy after rejecting the Washington model during their economic reconstruction and maintaining an essentially isolationist economic policy in the first few years. Additionally, these investments which you so admire are predominantly the investments made that exploits the working classes in those societies and especially in the third, and now the formerly second, worlds. Speculative investments create an instability in the global market of which starts wars and starve the working class, as you will soon see with the collapse of the American and, by extension, the Global market.

    To summarize, Japan first strenghtened its economic foundations before it invested in other countries. The Jews in diaspora, by supporting their community’s businesses, had capital by the time the Israeli state was reestablished. The Philippines has always had a colonial economy, and though gains were made before the Marcos era, his corruption and loans made through the international banks that were established to help the developing world (but which soon became a tool by the U.S. as is the U.N.) drove the country deeper and deeper in debt. This fact has concentrated wealth and land in the hands of a few and has driven our brethren to enslavement overseas and into sweatshops locally.

    “Wishful thinking?” Uprooting corruption, I agree, seems far fetched. The people would only be so lucky to actually see the light and place me as President in 2010. But us supporting the local economy and developing local industry is not all that impossible (all that would really need to be done is for people to turn off the television or for the state to provide more funding for education).

    What is more far fetched than my ideas, though, is the notion that if a few individuals invest in the global market (as most of the local Capitalists are currently doing) or having the government invest more in the global market, that either of the two will bring prosperity to the masses.

    Look at the global market. The collapse is not something that was not forseen and it will only get worse. As Marx has analyzed and which has been proven since, the market does indeed fluctuate with booms and busts which eventually leads to depressions, from which it is harder to get out of. Keynesian economics that was put in place in the early 20th century mitigated the effect but since the economic neoliberalistic policies have been put in place in the 80s, in this new global market, those checks are no longer there and the levees will be breached.

  5. rollycb(California) says:

    Senator Lacson,
    Di ba isa ka sa pumerma sa budget? bakit ngayon ka nagtatanong tungkol sa insertion? After 2 years? Pare linisin mo image mo kung gusto mong manalo sa 2010 election diyan ka nasira, kasi ngayon pa lang eh sinisiraan mo ang kabaro mo.
    Rolly (Sta. Barbara Pangasinan)

  6. rollycb(California) says:

    Benjamin Abalos at Virgilio Garcellano apply as comelec commissioners here in America kasi mag eelection na. Ang ganda ng image ng 2 taong ito. Goodluck sa inyo. Pahabol, baka puwede nyoring isama si first Gentleman.

  7. “Remittances coursed through non-bank remittance agents have also been approved by the central bank not only to provide better money transfer services to overseas workers, but also to ensure these are recorded well.” Thank you for sharing this information,you have nice blog.

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