OFWs-Earnings

Know how to set financial goals, manage your income, and borrow money wisely by Don Kevin Hapal, Rappler, July 6, 2016 MANILA, Philippines – Overseas Filipino workers (OFWs) are often considered modern-day heroes. Their cash remittances help keep not only millions of families provided for, but also the Philippine economy afloat.

By Melissa Luz T. Lopez, Businessworld, November 15, 2016 A SHIFT to anti-immigrant policies in the United States could pose risks to the Philippines’ credit rating, as it could disrupt remittance flows that have been supporting strong domestic consumption, Moody’s Investors Service said in a report.

In August 2015, personal remittances from overseas Filipino workers totalled $2.3 billion, bringing the total personal remittances to $17.9 billion. For the first eight months of 2015, cash remittances registered a growth of 4.1 percent year-on-year to $16.2 billion.

While most Overseas Filipino Workers (OFWs) earn better in other countries, some of them still experience financial problems despite years of hard work due to inefficient money management. The Commission on Filipinos Overseas (CFO) has identified over-dependency of families and relatives of OFWs as one of the common causes why workers abroad struggle with their…

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) reached a six-month high in June due to a continued strong demand for skilled Filipinos abroad.

MANILA – Where do the remittances of overseas Filipinos go when these reach their loved ones back home? Of the 525 households polled by the Bangko Sentral ng Pilipinas (BSP), 95.4 percent said they used the remittances for food, 67 percent for education, 54.9 percent for medical payments and 42.1 percent for debt payments.

MANILA, Philippines—Filipino workers in Taiwan stand to benefit from a new minimum wage increase approved by the island’s highest administrative organ this month, Labor Secretary Rosalinda Baldoz said Friday.

HSBC analyst said that the country’s disproportionate reliance on remittances as the key growth driver means its current account will likely stay in surplus for years to come, putting further pressure on the peso. This will effectively raise production costs in the Philippines, making its manufacturing sector less competitive, the analyst said.

The amount of migrant-worker remittances passing through informal channels tops those passing through the banks by a wide margin, estimated at some 30 percent to 40 percent by the Asian Bankers Association (Aba). This was revealed at the conclusion of the meeting of Aba member-countries held at the Shangri-La Hotel on Tuesday, in which issues…

The Philippine economy is in a sound position today in part because of the steady growth and size of remittances of OFWs (overseas Filipino workers) to the country. The volume of these remittances has continually grown over time as more and more Filipino workers have found jobs abroad.

Sept. 14 (Bloomberg) — Stephanie Chan spent four years at Manila Doctors College qualifying to work as a nurse overseas. She never left the country. Instead, she switched careers and now earns almost as much monitoring people’s finances.

The Philippine growth probably eased from the fastest pace since 2010 as the faltering global recovery damps demand for Filipino workers and exports.

Personal remittances from overseas Filipinos workers (OFWs) reached $11.3 billion for the first six months of 2012, up 5.3 percent from the figure registered for the same period last year, data from the Bangko Sentral ng Pilipinas (BSP) revealed. Remittances from overseas Filipinos sent for June 2012 alone totaled $

WASHINGTON DC – Cash remittances sent home by migrants, a major part of developing world revenue, have grown faster than expected despite the world financial crisis, the World Bank said Tuesday.

According to one study I had just recently come across, about 21 percent of the remittance of a migrant worker is already “lost” even before the intended recipient could receive the transmitted amount. This puts a different side on one of my favorite mantras, i.e., the need for Filipinos migrant workers to put their remittances…

Manila, Philippines – More beneficiaries of overseas Filipino workers (OFWs) are turning to savings but are investing less, a survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed.

A special report on CNN said overseas Filipino workers (OFWs) may be bringing home billions of dollars in remittances each year but the challenge for many of them was how to spend the money wisely.

MONEY SENT home by Filipinos living and working abroad grew by 5.6% as of February compared to the same period last year, the Bangko Sentral ng Pilipinas (BSP) yesterday said in a statement, buoyed by a continuing demand for Philippine manpower abroad.

Money sent home by up to 10 million overseas Filipinos exceeded expectations in February by growing 5.8 percent to $1.6 billion instead of 5.2 percent as forecast by experts at Barclays in Hong Kong, for instance.

The Philippines has been quite successful in taking advantage of opportunities offered by the global labor markets probably more than have many other developing countries. Thanks to its wide bench of human capital formed by prior decades of investment in education which, in turn, had been motivated by the value Filipino families ascribe to schooling.

MANILA, Philippines – More beneficiaries of overseas Filipino workers (OFWs) are shifting to investments and savings but at the same time are keen on undertaking major purchases such as the acquisition of houses and motor vehicles, a ranking official of the Bangko Sentral ng Pilipinas (BSP) said.

DESPITE the ongoing uncertainties in the host countries of the millions of overseas Filipinos, the Bangko Sentral is confident that the level of remittances will still grow this year, albeit slower than last year.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is urging beneficiaries of remittances to channel the money sent home to the Philippines by their loved ones overseas for more productive uses such as savings and investments.

The Bangko Sentral ng Pilipinas (BSP) said yesterday the remittances from overseas Filipinos (OF) coursed through banks for 2011 expanded by 7.2 percent to $20.1 billion relative to the year-ago level.

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) hit a new record high of $20.117 billion in 2011, 7.2 percent or $1.254 billion higher than the $18.763 billion in 2010, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

Remittances by overseas Filipinos workers (OFWs) reached a new record $20.117 billion last year, up $1.254 billion from $18.763 billion in 2010, Bangko Sentral ng Pilipinas officer-in-charge Juan de Zuñiga noted in a statement Wednesday.

REMITTANCES, the economy’s saving grace last year as a result of the government’s lackluster spending, will grow more slowly this year because of the economic crisis abroad, the World Bank says.

THE Philippine central bank said the use of remittances has continued to improve since the previous quarter as the savings index of overseas Filipino worker households increased.

MANILA, Philippines – The Philippine economy is now focused on “investment-led growth” and is no longer heavily dependent on the remittances of overseas Filipino workers,” President Aquino said yesterday.  

Remittance flows to developing countries are expected to total $351 billion this year, and worldwide remittances, including those to high-income countries, will reach $406 billion for the current calendar year, according to a newly updated World Bank brief on global migration and remittances.