Earnings – Overseas

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) could drop to as low as $11.4 billion this year, cutting the country’s economic growth down to two percent due to the expected decline in consumption spending.

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) went down slightly by 0.1 percent to $1.260 billion in January from $1.264 billion a year ago as Filipino workers abroad began to feel the pinch of the global economic crunch, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

MANILA, Philippines – The government needs to put in place measures that would boost the local economy to lessen the country’s dependence on dollar remittances from overseas Filipino workers (OFWs).

Impact of job losses, wage cuts, says Citi Citigroup said it was expecting foreign exchange remittances to the Philippines to grow by only 3.0 percent this year because of the adverse impact of job losses and wage cuts overseas.

Report exceeds government’s target for 2008 Money sent home by overseas Filipino workers (OFW) has slightly surpassed the government’s target for 2008, posting double-digit growth on the back of continued deployment of Filipinos abroad amid the global financial crisis, according to the Bangko Sentral ng Pilipinas (BSP).

FILIPINOS working abroad sent home $16.43 billion last year, 13.7 percent higher than in 2007, but December remittances grew at their slowest pace in two years as fewer people found jobs as nurses, engineers and housekeepers overseas.

MANILA, Philippines – Despite the global financial crisis, remittances from Filipinos working abroad   beat expectations, rising by 13.7 percent to hit a record high of $16.4 billion in 2008 from a year ago level, the Bangko Sentral ng Pili-pinas (BSP) reported yesterday.

MANILA, Philippines – Bangko Sentral ng Pilipinas (BSP) officials ruled out the possibility that remittances would decline this year but admitted that inflows would not increase for the first time since the country started deploying workers abroad.

The local recruitment industry urged the government yesterday to allow the peso to depreciate to a 55 per dollar rate to encourage the eight million Filipino workers abroad to send more money back home and boost the country’s economy.

Remittances from overseas Filipino workers (OFWs) reached $15 billion during the first 11 months of 2008, up 15 percent from the same period in 2007, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

The central bank governor said Thursday that remittances growth is likely to slow down to single digits this year, but he was optimistic about maintaining the country’s credit ratings.

The growth in remittances from overseas Filipinos will slow down to as low as six percent in 2009 as the global economy verges on recession, cutting down trade and income in developed countries.

The Bangko Sentral ng Pilipinas (BSP) said remittances from overseas Filipino workers (OFWs) would reach a record $17 billion in 2008.

Families of overseas Filipinos are now investing less of their remittances on housing and financial instruments and are instead putting more money away for savings, a central bank survey showed.

AMID a global credit crunch, overseas Filipino worker (OFW) households are holding on to their cash rather than investing them in financial instruments, the Bangko Sentral ng Pilipinas (BSP) said.

The monthly salaries of Filipino workers employed in various countries abroad have doubled despite the prevailing global crisis, a local recruitment official reported yesterday.

Global remittances from overseas workers and migrants are outpacing the inflow of official official development funds, a World Bank study showed.

As developed economies succumb to recession, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said overseas Filipino workers’ remittances would slow down in 2009 but ruled out the possibility of a decline as labor deployment continued to increase.

by Butch Quejada from Pilipino Star Ngayon Pumalag ang iba’t-ibang grupo ng mga manggagawa sa bantang “zero remittance” ng International Migrants Alliance (IMG) bunsod na rin ng malaking epekto sa ekonomiya lalu na ngayong may nararanasang global financial crisis.

The Bangko Sentral ng Pilipinas (BSP) thumbed down yesterday a proposal for the government to support a fixed foreign exchange rate for overseas Filipino workers (OFWs).

The chief of the Philippine Overseas Employment Administration would rather quit than chicken out of imposing a higher pay for Filipino maids employed abroad.

Remittances from Filipino migrant workers coursed through banks rose 19 percent to $12.76 billion in 2006 from $10.69 billion in 2005, the Bangko Sentral ng Pilipinas reported yesterday.