Vol. XX, No. 144
Friday, February 16, 2007 |
Today’s Headlines
$12.76-billion tally for 2006 tops government expectations
Dollars sent home by overseas Filipino workers (OFWs) hit a record $12.76 billion last year, almost half a billion dollars more than forecast by the government.
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SEAMEN looking for work overseas check out salaries offered during a job fair yesterday. — AFP |
Actual remittances could be significantly higher, as the Bangko Sentral ng Pilipinas (BSP) data only captured money sent by the nation’s over eight million OFWs through banks, not informal channels.
The release of the data also came as a study indicated that OFW money is fostering inequality in the country, with developed regions - the source of most workers - cornering the bulk of remittances.
The study, conducted by a University of Santo Tomas (UST) economist and reported by BusinessWorld on Thursday, also said OFW deployment was cutting into agricultural worker numbers.
Bangko Sentral Governor Amando M. Tetangco, Jr., in a statement, said the remittance figures reflect "the higher deployment of Filipino workers abroad and to financial institutions’ adoption of innovative ways to improve delivery of financial services, expand their network and enhance their infrastructure to reach a greater number" of clients.
Money transfers for December alone rose 37.2% to $1.319 billion, another record.
The full-year tally of $12.76 billion was some $460 million higher than the BSP’s $12.3-billion forecast.
The average monthly remittance last year was $1.063 billion, higher than 2005’s $890.75 million.
OFWs sent home $961.867 million in 2005.
Last year’s remittances were sent mainly from the
Mr. Tetangco, quoting preliminary data from the Philippine Overseas Employment Administration (POEA) said annual deployment went up by 10.5% to 1.1 million last year.
He added that the number of land-based workers was 12.2% higher at 831,318. The number of sea-based workers reached 260,737, 5.2% higher than a year ago.
"The demand for OFWs is expected to increase further as the government intensifies its human resource development and training programs for potential workers, improving their competitive advantage over those from other labor-providing countries," Mr. Tetangco said.
With this, the central bank expects remittances to hit a fresh record of $13.2 billion this year.
Mr. Tetangco also said remittance channels have improved, with banks adopting advanced technologies, including Internet-, phone- and mobile-based banking.
Banks have also enhanced their payment arrangements and have expanded their tie-ups with host countries, he said.
The
Service workers became in demand with the emergence of the so-called "tiger" economies of
By the 1990s, the information technology revolution and the graying populations of much of the developed world opened up job opportunities for highly-skilled Filipino professionals and technical workers.
The UST study said the huge cash flows are lifting many areas of the Philippines out of poverty but warned that millions more are being left behind.
However, poverty levels increased to between 34% to 49% in those regions where labor export is not a principal activity, the study said, citing government data.
The government estimates 30% of the population is poor. But World Bank data show nearly 40% live on two dollars a day or less.
The study also said the huge capital flow "have yet to be translated to value-added activities and investments which are more foundational sources of development and growth."
The bulk of the remittance money appears to be sucked into consumer spending that has spurred the rise of giant shopping malls across the country, the study said. — reports from P. J. L. Lising and AFP
http://www.bworldonline.com/BW021607/content.php?id=001&src=1
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