Earnings – Overseas

MANILA, Philippines – Money sent home by overseas Filipinos grew 7.1% in February, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

MANILA, Philippines – More beneficiaries of overseas Filipino workers (OFWs) are turning to savings to secure their future, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The number of overseas Filipino worker (OFW) beneficiaries that allocated part of their remittance proceeds to savings picked up in the first quarter of this year, according to the Bangko Sentral ng Pilipinas (BSP). In its latest Consumer Expectations Survey, the BSP said the percentage of OFW households that allocated a portion of their remittances…

More families of migrant Filipino workers have recently acquired houses, supporting the growth of the remittance-driven real estate industry.

MANILA – Philippine regions with higher growth rates used remittances for development efficiently, a paper by a University of Santo Tomas economist finds.

MANILA, Philippines – Money sent home by overseas Filipino workers (OFWs) surged by 8.5 percent to $1.372 billion in January or $107 million more than the $1.265 billion sent home in the same period last year, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

MANILA, Philippines – Awash with dollars from $18 billion in overseas Filipino workers’ (OFW) remittances a year, the Philippine economy is now afflicted with the Dutch Disease, a malady that sees the decline of local industries, fuels an overvalued peso, makes exports costly and imports cheap and results in jobless growth.

MANILA, Philippines – Remittances from overseas Filipinos are forecast to grow by up to nine percent in 2010 as demand for Filipino workers remains strong, a report by First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UAP) said.

MANILA, Philippines – Filipino sailors working on foreign vessels have remitted a total of $3.4 billion in 2009, up by 12 percent from $3.043 billion in 2008, the Trade Union Congress of the Philippines (TUCP) said yesterday.

MANILA, Philippines – An economist said the record remittances sent home by Filipinos abroad has yet to result to stronger economic growth due to reduced multiplier effect as a result of benign microeconomic environment.

The Asian Development Bank has warned about a decline in remittances from migrant Filipino workers in the coming years amid a slowdown in deployment of Filipino professionals abroad and drop in inflows from several Asian countries.

Remittances from overseas Filipinos can lick poverty in the Philippines, but cannot rebalance economic growth, according to an Asian Development Bank (ADB) study.

MANILA, Philippines – Money sent home by Filipinos abroad accelerated to its fastest level in 14 months due to the continued deployment of skilled workers abroad, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. reported yesterday.

MANILA, Philippines – A study by the World Bank is projecting that remittance flows to developing countries will reach $317 billion in 2009, down by 6.1 percent from the $338 billion in 2008. The projection was based on data for the first three quarters of 2009.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is set to push for the further reduction of remittance fees this year to help advance the welfare of the families of Filipinos working overseas.

OVERSEAS Filipino workers (OFWs) remittances are likely to stagnate, and not contract, because of the global economic slowdown and the Dubai debt crisis, according to the Asian Development Bank (ADB). “For the Philippines, we do not see evidence of a dramatic plunge in workers’ remittances as a result of the current recession. The evidence suggests…

REMITTANCES can generate inflationary pressures or cause a Dutch Disease, warned the Asian Development Bank (ADB). In a study titled “Remittances in Asia: Implications for the Fight against Poverty and the Pursuit of Economic Growth,” the Manila-based lender said remittances may have adverse consequences, having both economic and social dimensions.

MANILA, Philippines – Money sent home by overseas Filipino workers (OFWs) went up by 6.7 percent to $1.53 billion in October, the highest monthly remittance level recorded so far, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

MANILA, Philippines (Xinhua) — Remittances from overseas Filipino workers (OFWs) coursed through banks rose 6.7 percent on year to a record high of 1.5 billion U.S. dollars in October on continued global demand for Philippine labor, the Philippine central bank reported Tuesday.

MANILA, Philippines – Beneficiaries of remittances from overseas Filipino workers (OFWs) are turning to savings and investments to survive the uncertainty brought about by the global financial crisis, data from the Bangko Sentral ng Pilipinas (BSP) showed.

MANILA, Philippines — Recruitment agencies warned the Bangko Sentral ng Pilipinas (BSP) against making statements about the expected rise in remittances from overseas Filipino workers (OFWs) in countries where the Philippine government has been negotiating for more job opportunities for them.

SAYS TUCP MANILA, Philippines — The money sent home by overseas Filipino sailors rose by $108 million or 4.51 percent to a new record of $2.501 billion in the nine months to September this year, from $2.393 billion over the same period in 2008, the Trade Union Congress of the Philippines (TUCP) said.

Amid the threat of kidnappings in the high seas, Filipino seafarers remitted a record $2.502 billion from January to September this year, the Trade Union of the Philippines (TUCP) said.

MANILA, Philippines – The country faces as much as a $300-million drop in remittances from overseas Filipino workers (OFWs) due to the debt crisis in Dubai, the country’s largest labor group warned yesterday.

Dear PAO, I would like to ask if the bank has the right to deduct 2 percent to 2.7 percent from my remittance to my family. Rino O. Frayna

Bangko Sentral and banks yesterday signed an agreement that will reduce back-end remittance service fees to just P50 per transaction for those that use the central bank’s Philippine.Payments and Settlement System.

MANILA, Philippines – First Metro Investment Corp. (FMIC), the investment arm of the Metrobank Group, said it expects a four- to six-percent growth in remittances this year despite a strengthening peso against the dollar.

MANILA, Philippines – Families of Filipinos working and living abroad are expected to save at least P92 million to as high as P922 million after the Bangko Sentral ng Pilipinas (BSP) and a group of universal as well as commercial banks inked an agreement reducing the fees on fund transfers.

MANILA, Philippines – Due to recent calamities that hit the country and the coming Holiday season, Filipino workers in Canada and other countries have sent home more money to their families back home.

Banks facilitated only about 76 percent of total cash remittances sent by Filipino workers overseas to the Philippines last year, according to the 2008 Survey on Overseas Filipinos.