Earnings – Overseas

MANILA, Philippines (Mindanao Examiner / Oct. 31, 2010) – Filipino sailors aboard foreign-flagged ocean-going vessels sent home a total of $2.461 billion in the eight months to August this year, up $250 million over the same period in 2009, the Trade Union Congress of the Philippines reported Sunday.

MANILA, Philippines – A slow growth in remittance flows and export of Filipino workers overseas are expected to occur as the United States economy remains wanting in signs of a recovery on lackluster jobs data.

NET FOREIGN PORTFOLIO investment inflows grew six times as of Sept. 24, latest available central bank data showed. Specifically, these investments — also known as “hot money” for the ease with which they enter and exit local markets — posted a net inflow of $1.333 billion as of Sept. 24, six times bigger than the…

MANILA, Philippines—Without OFW remittances, it would be difficult for the Philippines to sustain the annual GDP growth of 7 percent or more. It is fortunate that the outlook for the earnings of OFWs remain bright, despite the very slow recovery of the developed countries.

BANGKOK—The Philippines’ “heavy reliance” on remittances of migrant workers—reaching $19 billion last year—has been crippling its domestic productivity for many years, said a regional official of the International Labor Organization (ILO).

THAT heartbreaking New York Times article about the so-called Little Italy in Mabini, Batangas, a village of “Mediterranean-inspired, pastel-colored houses” built on the blood, sweat and tears of the town’s migrant workers toiling for decades in Italy, tells us a lot that we already know.

MANILA, Philippines – Beneficiaries of overseas Filipino workers (OFWs) are turning to savings and investments as the country posted a surprising economic rebound in the first quarter of the year after, results of a survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed.

The money sent home by overseas Filipinos workers (OFWs) may expand by 8 percent this year, the Bangko Sentral ng Pilipinas said over the weekend.

FOREIGN PORTFOLIO investments — referred to as “hot money” for the ease with which they enter and exit local markets — grew more than five times in the eight months to August, final data the central bank released yesterday showed.

MANILA, Philippines – Remittances sent home by overseas Filipino workers breached the $10-billion mark after expanding by 7.1 percent in the first seven months of the year due to the continued strong demand for Filipino manpower worldwide, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. reported yesterday.

Almost ten years ago, I chanced upon a US market research study which showed that Filipino-Americans were spending $50 billion annually as their collective cost of living. The $50 billion does not include what Filipino-Americans own, what they have in their bank accounts or their investments, just what they spend – their rent or home…

MANILA – In suburban Alabang, south of Manila, Juana Santos, 57, runs a makeshift store. On any given day neighbors come in droves, not to buy goods but to enquire about padala, a Tagalog word that in English means remittance.

The amount of money sent home by Filipinos overseas is seen to grow by as much as 10 percent in November, according to First Metro Investments Corp. (FMIC) and the University of Asia and the Pacific (UA&P).

THE Philippine central bank said it would review this year’s forecast for remittances sometime in the latter part of the third quarter given indications that money sent home by overseas Filipino workers (OFW) may have peaked. “We are sticking to that forecast for now. Later this year we are going to review the forecast, maybe…

THE remittances of overseas Filipinos were 2.4 percent lower in peso terms in April as the value of the peso went up and gained on the US dollar by 7.4 percent.

THE Philippine central bank warned on Friday that money sent home by overseas Filipino workers (OFWs) has peaked and may soon plateau. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said remittances have breached a very large base, leading to a situation wherein the growth of inflows wa stabilizing at the mid-single digit levels…

MANILA, Philippines – The International Monetary Fund (IMF) cited the crucial role played by remittances in helping the Philippines stay afloat despite the full impact of the global financial crisis last year.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has agreed to waive the fees imposed on banks that use the Philippine Payments and Settlements System (Philpass) remit system as part of efforts to reduce the cost of sending money by overseas Filipino workers (OFWs).

MANILA, Philippines – Money sent home by overseas Filipino workers (OFWs) grew by 6.6 percent to $5.86 billion in the first four months of the year from $5.49 billion a year ago, due to a steady demand for professional and skilled Filipino workers abroad.

BENEFICIARIES of overseas Filipino worker (OFW) remittances cut down on their savings in the aftermath of the worst global financial crisis in decades. In its latest Consumer Expectations Survey, the Bangko Sentral ng Pilipinas (BSP) said that the percentage of households that allocated portions of their remittances to savings went down to 38 percent in…

MANILA, Philippines – More beneficiaries of overseas Filipino workers (OFWs) are shifting to investments and other major purchases such as the acquisition of motor vehicles, a ranking official of the Bangko Sentral ng Pilipinas (BSP) said.

MORE Filipino families that are dependent on remittances from relatives working overseas bought cars or houses in the second quarter, a central bank survey shows. Rosabel Guerrero, director of the Bangko Sentral’s Department of Economic Statistics, said the percentage of households that used remittances to buy motor vehicles rose to 7.7 percent in the second…

THE WORLD BANK HAS EXPRESSED confidence that the growth in foreign exchange remittances to the Philippines will remain robust despite the debt crisis in the Eurozone. It, however, cautioned the country against the ill-effects of a strong peso on consumption of households supported by the migrant workers.

THE National Economic and Development Authority (NEDA) warned that the debt crisis in Europe could dampen remittances, as fresh data showed the global financial turmoil has crimped money sent home by Filipinos working in the eurozone.

The story on our front page yesterday did not surprise anybody who has been watching the labor-export phenomenon in our country. Father Edwin Corros, the executive secretary of the Episcopal Commission for the Pastoral Care of Migrants and Itinerant People of the Catholic Bishops’ Conference of the Philippines (CBCP), said 60 percent of the families…

MANILA, Philippines – Filipino sailors on foreign ocean-going vessels wired home a total of $888.949 million in the first quarter, up 11.04 percent or $88.414 million from the $800.535 million they remitted over the same three-month period in 2009, the Trade Union Congress of the Philippines (TUCP) reported Sunday.

MONEY sent home by Filipinos working abroad grew by 7% to $4.3 billion in the first quarter, the Bangko Sentral ng Pilipinas (BSP) yesterday reported.

THE PHILIPPINES remained the world’s fourth highest recipient of remittances from nationals in 2009, even as these flows face risks from high unemployment rates in host economies, the World Bank said in a report, Migration and Development Brief, posted on its Web site last April 23.

MANILA, Philippines – Investment bank Barclays Capital sees the amount of money sent home by Filipinos abroad growing by double-digit level this year due to a strong demand for skilled Filipino workers and the recovering global economy.

MANILA, Philippines—A study recently released by the Asian Development Bank (ADB) provides an informative and substantially probing picture of how families of overseas Filipino workers spend their remittance money.