Earnings – Overseas

MANILA, Philippines – Against the backdrop of a global economy weakened by recession, remittance inflows to developing countries are seen to drop six percent in 2009, a recent World Bank study said.

The oil price-cap protection that the government is imposing through Executive Order 839, which requires oil firms to temporarily peg prices of their products at their October 15 levels, and until the declaration of a state of calamity in Luzon is lifted, may not offer as much protection as we think.

MANILA, Philippines–Remittances sent through informal channels continued to decline, amounting to only less than 4 percent of total money from abroad.

REMITTANCES SENT by Filipinos overseas, which now account for 10 percent of the gross national product, may no longer contribute as much to the economy seven years from now.

MANILA, Philippines—A moderate labor organization on Sunday joined calls for the scrapping of the documentary stamp tax (DST) charged on remittances of overseas Filipino workers using the banking system.

MANILA, Philippines – The government was urged yesterday to stop collecting taxes on remittances from overseas Filipino workers.

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) went up by 2.8 percent in August on the back of the steady deployment of Filipino workers abroad and the increasing number of remittance centers worldwide, the Bangko Sentral ng Pilipinas reported yesterday.

The Bangko Sentral ng Pilipinas (BSP) raised its forecast for the country’s dollar surplus, citing robust remittance inflows and foreign investments.

MANILA,Oct. 14 (PNA) – The Bangko Sentral ng Pilipinas (BSP) has revised its projections on remittances and dollar reserves as inflows of money being sent home by Overseas Filipinos (OFs) continue to remain strong.

MANILA, Philippines – The Metrobank Group and the University of Asia and the Pacific (UA&P) are expecting a 3.5-percent increase in remittances this year despite the global economic slowdown.

MANILA, Philippines – The Ayala-controlled Bank of Philippine Islands (BPI) is projecting a double-digit growth in its remittances this year, better than industry expectations, its top executive said yesterday.

THE BANGKO SENTRAL NG Pilipinas expects remittances to grow by more than 3 percent this year. Under the BSP’s original forecast, remittances was supposed to register a flat growth this year from last year’s $16.4 billion.

MANILA, Philippines – Dollar remittances from overseas Filipino workers may grow by more than three percent this year following the hefty dollar inflows that poured into the country in July, BSP Governor Amando Tetangco Jr. said yesterday.

The funds sent home by overseas Filipino workers (OFWs) grew faster in July as the global economy has started to stabilize, the Bangko Sentral ng Pilipinas (BSP) announced Tuesday.

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) surged to $1.5 billion in July, posting the highest year-on-year growth for 2009 at 9.3 percent, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

MORE HOUSEHOLDS ARE NOW saving the money sent to them by relatives working abroad, a survey by the Bangko Sentral ng Pilipinas showed. The quarterly survey involved 486 OFW households.

MANILA, Philippines -Dollar remittances from overseas Filipino workers (OFWs) may dwindle and this could be a threat to economic growth, Nomura International Ltd. said in a report released during the weekend.

PETALING JAYA – INDONESIA’S demand that its maids be paid a minimum RM800 (S$326) monthly salary has hit a raw nerve among Malaysians.

Instead of begging for more US development aid, the Philippine government should push for lower money transfer charges, which would essentially allow more remittances from migrant Filipino workers to flow into the Philippine economy.

With about 12 million overseas workers the Philippines qualifies as a case study in mobility of labor. Of course it is not only the Philippines that exports skilled labor all over the world—the value of remittances in 2008 included the following top five countries: India, $45 billion; China, $34 billion; Mexico, $26 billion; Philippines, $18…

MANILA, Philippines – The Bank of the Philippine Islands (BPI) is optimistic that the remittance business in the Philippines will expand on the higher end of the single-digit growth this year.

MANILA, Philippines – Millions of Filipinos working overseas sent home a record high $1.5 billion in June, up 3.3 percent from last year, allaying fears that remittances will dry up amid the global slowdown.

Migrant Filipino workers in the United States spend an average of $12 79 to send $500 home to their families in the Philippines, or an average of $11 45 to remit $200

Remittances continued to post a modest increase in the first six months, the Bangko Sentral ng Pilipinas (BSP) said Monday.

Low-skilled overseas workers are the country’s top senders of money from abroad.

HSBC has kept its 1-percent growth forecast for the Philippines, but yesterday admitted that its initial expectation of a 20-percent decline in remittances was “wrong.”

MANILA, Philippines—Filipinos around the world pay between $6.93 and $19.05 to remit $200 to their families back home, the Trade Union Congress of the Philippines (TUCP) quoted a World Bank study of global money transfer charges as of the first quarter of 2009.

MANILA, Philippines – Migrant Filipino workers are paying “oppressive and burdensome” fees to send money back home to their families in the Philippines, a labor leader said yesterday.

MANILA, Philippines—Filipinos around the world pay between $6.93 and $19.05 to remit $200 to their families back home, the Trade Union Congress of the Philippines (TUCP) quoted a World Bank study of global money transfer charges as of the first quarter of 2009.

If the current trend is sustained, remittances from overseas Filipino workers (OFWs) this year may likely equal if not surpass the $17 billion registered last year, the Department of Labor and Employment (DoLE) said yesterday.