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Remittances
help foil Asia Crisis repeat, World Bank study says
MANILA—ACROSS
the East Asia region sweeps the wind of prosperity and cash remittances
as well as knowledge capital by migrant workers has helped economies
become more robust a decade after a devastating crisis. Aside
from the Philippines, the World Bank cited remittances from workers
overseas also helped other countries like Vietnam and Mongolia
to beef up cash reserves. Hence, remittances could soften and
may even foil a repeat of the 1997 Asian crisis –if ever
there would be one in the near future. ISAGANI DE LA PAZ
reports for the OFW Journalism Consortium. Full
story
IMF
team affirms weak links between OFW money, investment
MANILA—A
TEAM from the International Monetary Fund observed that remittances
from an estimated eight million Filipinos abroad have not increased
parallel to investment. Ever since the country’s investment
ratio has steadily declined since the 1997 Asian financial crisis,
increasing remittances “has not increased investment,”
IMF’s Ayako Fujita and Srikant Seshadri wrote in a policy
analysis paper of selected Philippine economic issues done by a
six-person IMF team. JEREMAIAH M. OPINIANO reports
for the OFW Journalism Consortium. Full
story
BPI
joins fray to capture remittance from Pinoys in Europe
MAKATI
CITY—BEFORE sliding to third position in the Philippine banking
industry, Ayala family-led Bank of the Philippine Islands set its
eyes on the profitable remittance market that Philippine National
Bank previously dominated. But with its shareholder hobbled by regulations
in the United States, where bulk of remittances from some eight
million overseas Filipinos go through, BPI settled for the United
Kingdom. WILLIAM ALZONA reports for the OFW Journalism
Consortium. Full
story
SIDEBAR
Peso’s gain is OFW’s bane
MANILA—IN
A remittance slip, there was an additional US$50 that Cesar Dimasupil’s
daughter Arlene sent from London. But he remained stoic. “That
[money] would just even things out,” Dimasupil says of the
dilemma that most families of overseas Filipino workers are facing
under a stronger peso and a record-low inflation rate. The Dimasupil
family shares the conundrum of a Philippine economy that a recent
World Bank report said has been growing, in part because of the
cash sent by nearly eight million Filipinos temporarily or permanently
working or living abroad. LEO J. SANTIAGO, JR.
and JULIE JAVELLANA-SANTOS report for the OFW Journalism
Consortium. Full
story
How
to take care of your money?
Read
the stories of the OFW Journalism Consortium on financial literacy
for Filipinos abroad and their families back home. Click
here
2006
Special Newspacket on Financial Literacy in Overseas Filipinos
by the OFW Journalism Consortium cited in the newsletter Migrant
Remittances
(published by the United States Agency for International Development
[USAID]-Microenterprise Development Office and the United Kingdom
Department for International Development [DFID])
http://www.livelihoods.org/hot_topics/docs/Migrant%20Remittances_Oct06.pdf
These articles are free, but to publish, broadcast, rewrite, or
redistribute this, please write or email the OFW Journalism Consortium
editor@ofwjournalism.net or ofwjournalism@gmail.com
for permission.
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