Peso falls after slow growth in OFW remittances
By Michelle V. Remo
The peso fell on Wednesday amid reports that growth in remittances from overseas-based Filipinos in March was at its slowest since September 2009.
The peso fell on Wednesday amid reports that growth in remittances from overseas-based Filipinos in March was at its slowest since September 2009.
There used to be a time when dollars sent home by Filipinos working overseas were viewed with mixed feelings. On one hand, they provided a boost to local consumption, at one point accounting for an estimated 10 percent of the consumption expenditures in the local economy. On the other hand, remittances of overseas [...]
Remittances from overseas Filipinos rose 6 percent to $1.68 billion in February from $1.59 billion a year ago on the back of sustained global demand for Filipino workers and their rising salaries, the Bangko Sentral ng Pilipinas reported Monday.
Remittances maintained a robust pace of growth in January on the back of improving global economic conditions. Money sent home by Filipinos working overseas amounted to $1.68 billion in the first month of 2013—up by 8 percent from the $1.56 billion recorded in the same period last year, the Bangko Sentral ng Pilipinas yesterday reported.
Remittances breached projections and hit an all-time high in 2012 as global demand for Filipino workers remained robust despite the general weakness in the global economy.
OVERSEAS FILIPINOS who are home for the holidays may likely consider purchasing condominiums, as property experts view OFs as main contributors to homebuying purchases during the holidays.
Senator Miriam Defensor Santiago has advised the government to borrow money locally instead of from other countries, saying that borrowing from foreign sources has a negative effect to Overseas Filipino Workers (OFWs).
Shares of remittance iRemit Inc. surged by 21.67 percent after the company announced that it had bought back shares from the open market.
The Bangko Sentral ng Pilipinas is concerned about the growing protectionism in many advanced economies, particularly on employment in the services sector, describing it as a threat on investments in the country’s business process outsourcing sector.
Buyers make or break projects. What factors, therefore, would influence buyers’ demand for housing in the future? What obstacles will affect the real estate purchases of Filipinos?
Contributions from overseas-based Filipinos to the Social Security System went up 13 percent year-on-year to P1.07 billion amid the fund’s drive to ease the collection process and improve member services.
As a banker, manufacturing executive and real estate developer, Elsie Chua has been a frequent visitor to the Middle East, Europe, Japan and the Unites States.
