MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said consumption spending would likely remain robust and fuel higher economic growth this year amid the expected slowdown in the amount of money sent home by Filipinos abroad. Read the rest of this entry »
BSP sees robust spending despite slower remittances
February 26, 2012
Remittances grew 10.6% to $1.78B in November
January 16, 2012
MANILA, Philippines—Remittances grew at a faster pace in November even though two of the Philippines’ key labor markets—the United States and Europe—continued to be plagued by economic problems. Read the rest of this entry »
Remittances expected to stay on growth path
September 27, 2011
MANILA, Philippines—Remittances sent to the Philippines by migrant Filipinos are expected to still grow this year despite mounting fiscal and economic problems confronting the United States and eurozone economies. Read the rest of this entry »
Sea-based OFW inflows seen at over $4 billion this year
September 26, 2011
MANILA, Philippines – The Trade Union Congress of the Philippines (TUCP) said it expects Filipino sailors’ remittances to surpass $4 billion this year “amid resilient global demand for their services.” Read the rest of this entry »
PH sailors’ remittances seen hitting $4B in 2011
September 22, 2011
MANILA, Philippines – Despite a weakening global economy, demand for services of Filipino sailors remains high, and a leading labor center expects this to be reflected in the money they send home for the entire 2011, projected at $4 billion. Read the rest of this entry »
OFW inflows up 6.3% to $11.35 B in Jan-July
September 16, 2011
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) reported yesterday that remittances by Filipinos working abroad climbed 6.3 percent in the first seven months of the year on the back of the sustained demand for skilled Filipino manpower amid the economic growth concerns in the US, the debt crisis in Europe, as well as the tensions in the Middle East and North African (MENA) states. Read the rest of this entry »
OFWs hit new remittance tax in Italy
September 14, 2011
MILAN, Italy – Many Filipino workers in Italy are against the imposition of a 2% tax on remittances sent by foreign migrant workers to their countries of origin. The new tax is part of the Italian government’s austerity measures, as it attempts to stave off a debt crisis in the eurozone’s third largest economy. Read the rest of this entry »
Using OFW money to beget more money
August 15, 2011
Can the role of our overseas workers in the economy be enhanced to make them true-blue “mga bagong bayani?” Besides spending their hard-earned money on food, appliances, real estate and other nonproductive or dormant assets, can OFWs be enticed to go into business or other productive activities that generate continuing income for them, their families and their communities? Read the rest of this entry »
Remittances defy overseas gloom
July 17, 2011
MONEY sent home by Filipinos working abroad continued to improve in May despite the uncertainties overseas, the Bangko Sentral ng Pilipinas (BSP) said Friday.
In a statement, BSP Gov. Amando Tetangco Jr. said remittances coursed through banks reached $7.9 billion in the first five months of the year, up 6.2 percent from the year-ago $7.4 billion. Read the rest of this entry »
OFWs: More than just remittances
July 15, 2011
First of two parts
(Ric Saludo’s colleague Bill Huang contributed this guest column.)
WITH the successful auction of Overseas Filipino Worker (OFW) bonds in April— $416 million in three-year and five-year bonds with dollar and euro denominations—the government has taken an important first step in mobilizing OFW remittances for investment. And in the nick of time: remittance growth have slowed from double-digit rates, making it even more imperative to put the greenback inflows to better use than just buying apparel, appliances and a place to live for the family back home. Read the rest of this entry »
