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Monday, August 18, 2008

Record Remittance for June........

I went away over the weekend so I was not able to
update my blog. I will tell you about it next time
co'z I still got tons of things to do.
..talk about pressure.

Anyways, I was so
happy to read
in one newspaper
about the record setting
remittance of
Filipinos overseas.......

this is the main body of the news.......

Higher deployment of Overseas Filipino Workers (OFWs) resulted in the record US$ 1.5 billion remittances in June 2008, the highest in 19 years. Remittance volume went up 30 percent year-on-year from the previous month’s US$ 1.43 billion. Thus, remittance in the first half of the year reached US$ 8.2 billion, 17.2 percent higher against year-ago’s US$ 7 billion.

Bulk of the remittances came from United States, Saudi Arabia, United Kingdom, Italy, United Arab Emirates, Canada, Japan, Singapore, and Hong Kong. At the same time ,the number of Filipino workers deployment overseas grew by 33.5 percent from January to June this year to 640,401 from 479,725 same period last year.

complete news article here

....If I may add, my brother worked in Japan for 5 years and if I can remember well, he always send money through express mail service (EMS). I think a lot of Filipinos abroad also do that. They send through informal channels, not to mention asking fellow kababayans to personally deliver the money whenever they go home.Therefore, the $16 Billion remittance target this year is an under-statement.

On the darker side. This is of coarse no doubt an indication that life is getting harder in the Philippines. We should not just rely on this to keep the economy afloat. It surely a good news but we should think of the more important factors like Foreign Direct Investments and Heavy Industries among others. Good thing these remittances are invested heavily on more important things these days like housing, another reason why the construction sector in the Philippines is on the boom despite the global economic slowdown.As to the problem of poverty, unless invested property, these remittances will be just another band-air solution.


  1. hays... that's good. :) para naman maibsan naman ang burden ng mga pinoy working oerseas...wxfff

  2. good news indeed!

    at least all those blood and sweat na iniinvest ng ofw really goes to something....

  3. i just realize na kahit saan pala ako magpunta, makikinabang pa rin ang mga walang hiyang politicians naten sa kita ko. kasi dito sa Pinas, ang laki ng contribution ko sa kanila galing sa tax pa lang, pag nag-abroad ako, magkocontribute pa din pala kung sakali. tsk tsk!

  4. both good and bad news for me. and no need to expound why. good for those making it abroad, bad news for the ones rotten by the govt system.

  5. At least we are still surviving guys.Remember. We are in the same boat. If the boat sink, all of us go with it.....


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