OFWs-Earnings

Are you an OFW? Here are bad spending habits you need to break

Published by rudy Date posted on April 15, 2018

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.

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Moody’s flags added credit risk

Published by rudy Date posted on November 15, 2016

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.

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OFW personal remittances reach $17.9 billion

Published by rudy Date posted on October 15, 2015

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.

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Why some OFWs remain poor despite working abroad

Published by rudy Date posted on September 20, 2015

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…

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OFW inflows surge to 6-month high

Published by rudy Date posted on August 16, 2013

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.

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Where did OFWs’ remittances go in 2Q?

Published by rudy Date posted on June 17, 2013

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.

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OFWs in Taiwan to get wage increase

Published by rudy Date posted on April 6, 2013

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.

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HSBC: inflows still a ‘pesky’ problem

Published by rudy Date posted on January 22, 2013

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.

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‘Informal’ OFW remittances P242 billion higher

Published by rudy Date posted on November 14, 2012

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…

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Worker remittances and the Philippine economy

Published by rudy Date posted on October 3, 2012

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.

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Aging baby boomers face losing care as Filipinos go home: Health

Published by rudy Date posted on September 13, 2012

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.

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Growth to slow as remittances falter

Published by rudy Date posted on August 29, 2012

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

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OFWs’ remittances hit $11.3B in first semester of 2012

Published by rudy Date posted on August 16, 2012

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 $

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Migrant remittances resist crisis – World Bank

Published by rudy Date posted on July 11, 2012

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.

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Remittance ‘losses’

Published by rudy Date posted on July 2, 2012

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…

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More OFW families saving more, investing less

Published by rudy Date posted on June 22, 2012

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.

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OFWs earn billions of dollars but save little

Published by rudy Date posted on May 7, 2012

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.

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Remittances as of February up by 5.6%

Published by rudy Date posted on April 17, 2012

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.

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Jan.-Feb. remittances totaled $3.1B

Published by rudy Date posted on April 16, 2012

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.

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Remittances, inclusive growth

Published by rudy Date posted on April 3, 2012

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.

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OFW families investing more – BSP survey

Published by rudy Date posted on April 2, 2012

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.

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OF remittances will not contract, Tetangco says

Published by rudy Date posted on March 27, 2012

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.

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OFW families urged to save, invest more

Published by rudy Date posted on March 27, 2012

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.

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OF remittances rise by 7.2% to $20.1B in 2011

Published by rudy Date posted on February 16, 2012

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.

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OFW inflows hit record $20.12 billion in 2011

Published by rudy Date posted on February 16, 2012

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.

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OFW remittances up 7.2% to new record $20.12B in 2011

Published by rudy Date posted on February 15, 2012

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.

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Lower remittances seen

Published by rudy Date posted on January 2, 2012

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.

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OFW households increase savings, cut investments

Published by rudy Date posted on December 19, 2011

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.

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Phl no longer dependent on OFW inflows – P-Noy

Published by rudy Date posted on December 2, 2011

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.  

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World Bank sees steady growth path for remittances

Published by rudy Date posted on December 2, 2011

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.

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