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Remittances to rise in May as new workers find jobs abroad

MANILA, Philippines - Remittances are expected to rise by two to three per cent in May this year after new overseas Filipino workers (OFWs) were deployed abroad, the Philippines’ central bank said. Although remittance growth may only be slower at single-digit levels this year, cash sent home by OFWs will not decline, central bank officials said. With these latest projections, remittances may reach $1.442 billion for May, from last year’s $1.4 billion, thanks to sustained demand for Filip...

BSP notes growing investments by OFWs

MANILA - Overseas Filipino workers (OFWs) have been known to favor saving portions of their earnings but lately, the central bank has noted more of them have also begun making investments. Every year, about $16 billion worth of foreign exchange is sent home by Filipinos working abroad and through the decades, the Bangko Sentral ng Pilipinas (BSP) said these inflows have supported private spending. Consumer spending, according to BSP deputy governor Diwa Guinigundo, accounted for over 60 ...

POEA: 100,000 jobs await OFWs

MANILA, Philippines - At least 100,000 more jobs in Guam, Saudi Arabia and Qatar await Filipino workers. The Philippine Overseas Employment Administration (POEA) reported that the government is currently negotiating agreements for the hiring of more Filipino workers abroad. POEA chief Jennifer Manalili said the government is looking at 15,000 to 20,000 jobs for highly skilled Filipino workers in Guam. Manalili said Guam will be requiring massive manpower with the impending construction of cam...

Moody’s Investors Service on RP credit rating

MANILA, Philippines - The Philippines’ credit-worthiness may improve as long as it sustains its trade and financial surplus and minimize the global recession’s “adverse effects" on its finances, a ratings agency said. The country’s financial system “has avoided the types of stress evident in many other systems regionally and globally," said Moody’s Investors Service, which affirmed its B1 rating for government foreign and local currency bonds in February. The country’s balance o...

DFA: Kin of Pinay killed in US shooting informed of tragedy

Cebu-based relatives of a Filipino woman killed in a shooting incident in the United States have been informed of the tragedy, the Department of Foreign Affairs said Monday. DFA spokesman Eduardo Malaya said the relatives of Dolores Carbonilas Yigal are now likely communicating with her US-based husband. "Na-inform na ang pamilya at asawa doon sa Binghampton. I'm sure yung pamilya dito sa Talisay (in Cebu) at naiwang asawa, si Omri, nag-uusap [We have informed her family in Cebu and ...