Cash transfers by Filipino migrant workers seen doubling by 2010

04/12 3:23:34 PM

MANILA (AFP) - Annual remittances by Filipinos abroad are expected to double to 21.4 billion dollars by 2010 as the populations of host nations age, requiring more guest workers, a labor leader said Wednesday.

"We foresee migrant worker remittances increasing by at least 100 percent over the next five years, barring a global economic shock, such as one that might be set off by a possible avian flu pandemic," said Ernesto Herrera, secretary-general of the Trade Union Congress of the Philippines.

As head of the country's largest labor group, Herrera said the greying of the post-World War II generation in the United States, soaring energy prices, and globalization were aiding Filipino workers seeking a better standard of living abroad.

"The ageing of the 77.5 million baby boomers in the US, which has spurred the demand for foreign health care workers, including nursing home staff," would be a key growth driver for remittances, he said in a statement.

Filipinos remitted 10.7 billion dollars through formal banking channels last year, up from 8.55 billion dollars in 2004. The central bank expects the figure to rise to 11.8 billion dollars this year.

Oil-rich Mideast countries should continue hiring large numbers of foreign workers in construction, travel, and oil and gas exploration and production, while globalization has increased the need for multinationals to hire English-proficient Filipinos, Herrera added.

Last week, the World Health Organization warned at least 15,000 nurses and other medical workers were leaving the Philippines for better pay in the US and elsewhere every year, threatening the country's health infrastructure.

 

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