Earnings – Overseas

By: Daxim L. Lucas – Reporter, Inquirer Business, 12 Jun 2020 Dollars sent home by expatriate Filipinos declined in March, marking the first time that the impact of the coronavirus pandemic was manifested in monthly remittances which are a key pillar of the Philippine economy.

(Philstar.com), 11 Jun 2020 MANILA, Philippines — The resilient cash remittances appear to have met their match on the coronavirus pandemic, with the central bank penciling in a deeper slump this year as more migrant workers get displaced.

by Lawrence Agcaoili (The Philippine Star), 8 Jun 2020 MANILA, Philippines — New York-based GlobalSource Partners sees remittances from overseas Filipino workers (OFWs) declining by 10 percent this year due to displacements caused by the novel coronavirus disease 2019 or COVID-19 pandemic.

by Lawrence Agcaoili (The Philippine Star), 31 May 2020 MANILA, Philippines — Money sent home by Filipinos abroad to their loved ones in the Philippines is seen to further contract this year as more overseas Filipino workers (OFWs) are displaced due to the impact of the coronavirus disease 2019 or COVID-19, according to the Bangko…

By Cai Ordinario, Businessmirror, 26 May 2020 Some of the thousands of repatriated overseas Filipino workers (OFWs) under Covid-19 quarantine, many for periods far beyond the mandatory 14 days, are seen at Naia Terminal 2 on Monday before the final leg of their homecoming, on government-funded sweeper flights. Upon instructions of President Duterte, a composite…

By Tyrone Jasper C. Piad, 18 May 2020 REMITTANCES from Filipinos abroad are likely to continue declining in the coming months after recently posting an eight-month low.

By Joann Villanueva May 15, 2020 MANILA — Philippine monetary officials further reduced their growth projection for inflows from overseas Filipino workers (OFWs) this year to two percent due to the impact of the global pandemic.

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by Delon Porcalla (The Philippine Star), 20 Apr 2020 MANILA, Philippines — The national government stands to lose $4.5 billion (roughly P228 billion) this year in remittances from about 10 million overseas Filipino workers (OFWs) due to the coronavirus pandemic.

by Lawrence Agcaoili (The Philippine Star) – 18 Feb 2020 MANILA, Philippines — The amount of money sent home by Filipinos abroad hit record levels last year, piling up for six consecutive months going into the Christmas holidays, despite fears of a global recession and rising geopolitical tensions, the Bangko Sentral ng Pilipinas (BSP) reported…

By: Annelle Tayao-Juego, Philippine Daily Inquirer, 17 Dec 2019 There’s a “rising overdependence” on overseas remittances by Filipinos from low-income households, who also need to improve their financial planning skills, says a study released Monday, Dec. 16, by a US-based international payments company.

By: Daxim L. Lucas, Philippine Daily Inquirer, Aug 15, 2019 Dollars sent home to the Philippines by the country’s estimated 10 million workers overseas — including an estimated 5 million Filipinos working with short- and long-term work contracts abroad — declined slightly in June, mimicking the weak performance of remittances in the same period last…

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By: Daxim L. Lucas, Philippine Daily Inquirer, Feb 16, 2019 Dollars sent home to their local beneficiaries by expatriate Filipinos hit an all-time high in 2018, thanks to the growing volume of remittances from both short- and long-term workers abroad, the central bank said on Friday.

by Lawrence Agcaoili (The Philippine Star) – Feb 16, 2019 But Annual Growth Slowest In 17 Years MANILA, Philippines — Remittances from overseas Filipinos rose to a record high level last year despite recording the slowest growth in 17 years, the Bangko Sentral ng Pilipinas reported yesterday.

By: Ben O. de Vera, Philippine Daily Inquirer, Dec 14, 2018 The Philippines is expected to remain among the biggest destinations of remittance flows this year even as the World Bank projected slower growth due to the repatriation of overseas Filipino workers (OFWs) from the Middle East.

Worker repatriations, lower Mideast deployments blamed for decline in June inflows By: Daxim L. Lucas, Philippine Daily Inquirer, Aug 16, 2018 The government’s decision to repatriate thousands of Filipino workers suffering from abusive work conditions in the Middle East took an immediate toll on the amount of dollars being sent home as the first half…

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by Michael Taylor, May 8, 2018 KUALA LUMPUR (Thomson Reuters Foundation) – Migrant workers from the Asia-Pacific region sent $256 billion home last year, but more needs to be done to cut costs and make money transfers easier, said a United Nations report on Monday.

By Agence France-Presse Payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased, the World Bank said Monday.

by Ben O. de Vera, Inquirer, Nov 16, 2017 Sustenance sent back home through banks by Filipinos working and living abroad declined 8.3 percent year-on-year to $2.186 billion in September partly due to the closure of a number of overseas money service providers, the Bangko Sentral ng Pilipinas (BSP) said yesterday.

Decline traced to Saudi repatriation, stronger US dollar By: Ben O. de Vera, Philippine Daily Inquirer, Jun 16, 2017 Cash sent home by Filipinos working and living abroad through banks fell to a 15-month low of $2.08 billion in April partly due to a stronger US dollar as well as a decline in remittances from…

By Lawrence Agcaoili (The Philippine Star), Jun 12, 2017 MANILA, Philippines – More Filipino households are saving the money sent home by their loved ones from abroad for future expenses while less households are investing amid the volatile global financial markets, according to the results of a quarterly survey conducted by the Bangko Sentral ng…

By Lawrence Agcaoili (The Philippine Star), May 16, 2017 MANILA, Philippines – Remittances from overseas Filipinos reached their highest monthly level in March due to strong demand for skilled Filipino workers abroad, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

By: Ben O. de Vera, Philippine Daily Inquirer, Feb 16, 2017 Cash sent home through banks by Filipinos living and working abroad hit a new record high of $2.56 billion in December last year on the back of an improving global economy such that the end-2016 growth rate exceeded the government’s target.

By Lawrence Agcaoili (The Philippine Star), Dec. 18, 2016 MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) sees a sustained four percent growth in cash remittances next year amid strong demand for skilled Filipino workers abroad.

The Philippine Star, April 30, 2016, http://www.philstar.com/business/2016/04/30/1578096/remittances-remain-vital-forex-reserves-fitch MANILA, Philippines – Fitch Ratings said remittances from workers would remain a vital source of forex reserves for emerging economies in Asia including the Philippines.

Concerns on the possible fall of the country’s remittances once oil-producing countries start laying off jobs have been “overblown,” according to the research group of an international financial institution.

REMITTANCES from overseas Filipino workers (OFWs) may grow at just half the pace expected by monetary authorities this year, as the prolonged slump in global oil prices gnaws sharply on the Middle East, which hosts about 2.5 million Filipino migrant workers.