OFWs-Earnings

OFW remittances likely to exceed P20.1-B target

Published by rudy Date posted on November 18, 2011

MANILA, Philippines – Philippine Overseas Employment Administration (POEA) Administrator Carlos Cao said total remittances by Overseas Filipino Workers (OFWs) is likely to exceed the P20.1-billion target for 2011.

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OFW remittances likely to exceed P20.1-B target

Published by rudy Date posted on November 18, 2011

MANILA, Philippines – Philippine Overseas Employment Administration (POEA) Administrator Carlos Cao said total remittances by Overseas Filipino Workers (OFWs) is likely to exceed the P20.1-billion target for 2011.

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400,000 seafarers plied to rake in $4B

Published by rudy Date posted on November 18, 2011

The Philippines manning industry on Thursday said it is projecting to deploy a record 400,000 seafarers worldwide by the end of this year despite the crisis in Europe.

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OFW inflows up 7% to $14.8 B in 9 mos

Published by rudy Date posted on November 16, 2011

MANILA, Philippines – The amount of money sent home by Filipinos working overseas grew 7.1 percent in the first nine months of the year on the back of sustained demand for skilled Filipino workers abroad, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

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Saudi remittance cap seen hurting economy

Published by rudy Date posted on November 2, 2011

Two administration-allied lawmakers on Tuesday chided the government for its anemic job generation program and pressed the Aquino administration for countermeasures to the new policy of Saudi Arabia to impose a cap on the remittances sent by foreign workers including Filipinos.

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Remittances accelerate amid global woes

Published by rudy Date posted on October 18, 2011

MONEY sent home by Filipinos working abroad remain robust, growing by double-digits for the time this year despite lingering global uncertainties, the Bangko Sentral ng Pilipinas said on Monday.

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OFW inflows hit record high in June

Published by rudy Date posted on August 16, 2011

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) hit a new monthly record level of $1.737 billion in June despite the political tensions in the Middle East and North African (MENA) region, the “Saudization” program of the government of Saudi Arabia as well as the debt crisis in Europe.

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PHL labor attaché: 80% OFWs in Qatar not saving

Published by rudy Date posted on August 6, 2011

Four out of five overseas Filpino workers in Qatar do not save their money, according to the Philippine labor attaché there. Labor Attaché Ricardo Sodusta made the observation as he advised Filipinos to think about the future of their families when they decide to return home for good.

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$1.5-billion OFW remittances may be lost due to Saudi Arabia’s Nitaqat program

Published by rudy Date posted on August 1, 2011

MANILA, Philippines – Some $1.5 billion worth of annual remittances from overseas Filipino workers (OFWs) in Saudi Arabia could be lost because of the kingdom’s Nitaqat program, which requires more than 300,000 firms there to increase their hiring of locals, and lessen their employment of foreigners, an administration lawmaker said yesterday.

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Recruitment agencies want government to stabilize peso

Published by rudy Date posted on June 27, 2011

MANILA, Philippines – Recruitment officials yesterday called on the government to step in and immediately take necessary measures to “stabilize” the value of the peso in the midst of reports that the recruitment industry is getting jittery because the currency is becoming stronger.

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Barclays cuts OFW remittance growth forecast

Published by rudy Date posted on June 1, 2011

MANILA, Philippines – Investment bank Barclays Capital now sees a slower growth in the amount of money sent home by Filipinos abroad this year despite the projected pick up in the second quarter of the year in light of the scheduled school opening in June.

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Banks see slower OFW remittance growth

Published by rudy Date posted on May 26, 2011

MANILA, Philippines –  Banks operating in the Philippines see the growth of money sent home by Filipinos abroad slowing down but expect steady growth in the amount of loans extended to corporate and individual borrowers this year.

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Buying power of OFW remittances shrinks

Published by rudy Date posted on May 25, 2011

MODEST growth of remittance flows to the Philippines are expected to sustain, but the buying power of Filipino recipient fell because of the appreciation of the peso and inflation, according to World Bank.

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Remittances still rising but worker deployments drop

Published by rudy Date posted on May 17, 2011

THE money sent home by the nearly 10 million Filipinos working and living abroad went up in March despite the unrest in the Middle East and North Africa and the earthquake and killer tsunami in Japan, the central bank said Monday.

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OFW remittance growth eases in March

Published by rudy Date posted on May 17, 2011

MANILA, Philippines – Remittances from Filipinos abroad posted its slowest monthly growth in 19 months in March as it expanded by only 4.1 percent. But the Bangko Sentral ng Pilipinas (BSP) remains confident that the amount of money sent home by overseas Filipinos would remain resilient nothwithstanding the tensions in Middle East and North African…

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Growth in remittances slowing down — BSP data

Published by rudy Date posted on May 17, 2011

Growth in remittances from Filipinos abroad is plateauing based on recent Bangko Sentral ng Pilipinas (BSP) data that showed foreign transfers totaling $1.6 billion in March or 1 4.1 percent growth from the previous month.

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BSP cuts OFW remittance growth forecast

Published by rudy Date posted on April 18, 2011

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has slashed the projected growth in the amount of money sent home by Filipinos abroad this year and sees further slowdown next year due to the ongoing tensions in Middle East and North African (MENA) states as well as the magnitude 8.9 earthquake and killer tsunami…

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OFW inflows up 6.2% to $1.5 B in February

Published by rudy Date posted on April 16, 2011

MANILA, Philippines – Remittances from overseas Filipino workers (OFWs) grew by only 6.2 percent in February, the slowest in nine months, but the Bangko Sentral ng Pilipinas (BSP) remains confident on the resilience of remittances nothwithstanding the tensions in Middle East and North African (MENA) states as well as the disaster in Japan.

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Middle East crisis won’t affect OFW inflows much – HSBC

Published by rudy Date posted on March 17, 2011

MANILA, Philippines – British banking giant Hong Kong and Shanghai Banking Corp. (HSBC) downplayed the impact of the violence in the Middle East and North African (MENA) states on the growth of remittances from overseas Filipino workers (OFWs).

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Lawmaker seeks peso-dollar hedge for OFWs

Published by rudy Date posted on February 20, 2011

A lawmaker has urged the country’s banks to open hedging facilities that would enable overseas Filipino workers (OFWs) and their families to convert their US dollar remittances into pesos at pre-set exchange rates.

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9% growth in OFW remittances seen

Published by rudy Date posted on February 19, 2011

MANILA, Philippines – Investment bank Barclays Capital expects the strong growth in the amount of money sent home by Filipinos abroad to be sustained this year on the back of the steady demand for skilled workers as well as the continued recovery of the global economy.

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UN agency: Cost of sending money from overseas too high

Published by rudy Date posted on February 19, 2011

MANILA, Philippines – The United Nations agency that promotes the integration of developing countries into the world economy called for cheaper ways for migrant workers to send money back home and maximize its economic impact.

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