WORLD NEWS: "Manila Banks on Its Expats," by James Hookway, Wall Street Journal, 8 December 2008.
Ten percent of the Philippines lives and work abroad (9 out of 90 million). Since 2005 they have sent home between 10 and 15 billion dollars a year. 2008's running total is still ahead (through September) of last year's, keeping the overseas Filipinos in line to boost their annual take for the 7th year in a row.
Mexico is currently suffering from lower remittances, because so many guest workers are in the construction industry, now in the doldrums. The difference with Filipinos? Lots in education and healthcare--more recession resistant. Thirty percent of these overseas Filipinos are in the U.S.
The saving grace? Most overseas Filipinos send home the same amount, even as conditions abroad tighten. They simply tighten their belts--so to speak.
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Comments (1)
Over time, the overseas Filipino worker (OFW) remittances might be an index to watch. Consider the lead paragraph from Darwin G. Amojelar, Manila Times, 22 Dec 2008:
The Asian Development Bank (ADB) expects the Philippines to suffer from zero export growth and a slowdown in overseas Filipino worker (OFW) remittances next year due to the global financial crisis.
Full text: here
Posted by crittenden
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December 31, 2008 1:57 PM