Mainstream bitcoin adoption in the Philippines is rising at an exponential rate, as millions of users, local employees and expatRead more
Remittances from overseas Filipino workers (OFWs) witnessed a 9.1 percent year-on-year growth in February 2016, highest since August 2015.
The latest Bangko Sentral ng Pilipinas (BSP) data suggest that cash inflows in the second month this year reached $2.11 billion, higher than last month’s $2.02 billion and last year’s $1.94 billion, Northbound Asia reported.
To date, cash remittances grew by 6.2 percent to $4.13 billion against year-ago’s $3.9 billion.Read more
The business process outsourcing (BPO) industry may soon overtake dollar remittances from overseas Filipinos in terms of revenues given the continued strong demand for office space, a real estate market consultancy firm said.In 2014, the BPO sector registered $18.9 billion in total revenue and is forecast to grow between 15 percent and 18 percent for 2015.Pinnacle Real Estate Consulting Services Inc. said the industry is expected to further grow this year with revenues projected to hit $25 billion.Read more
The amount of cash sent home by Filipinos abroad recovered in September after registering its first decline in 12 years in August due to the weakening of other currencies against the US dollar, the Bangko Sentral ng Pilpinas (BSP) reported yesterday.Read more
Migrante party-list, a group protecting the rights of overseas Filipino workers, has declared the success of Friday’s “Zero Remittance Day.”
“We declare today’s Zero Remittance Day a success and resounding declaration of OFWs’ unity and collective action against any and all moves by the Aquino government to scam us and treat us as nothing but milking cows.
The University of Colorado Boulder Leeds School of Business, which includes the well-regarded Business Research Division, and The Western Union Company, a leader in global payment services, today announced the release of a first-of-its-kind study that sheds new light on the positive impact of cross-border money transfer broadly and of Western Union services in particular.Read more
Date: 27 December 2014
Source: The Borneo Post
The Philippine central bank is allowing record Christmas remittances from overseas workers to give the peso shelter during a global selloff. The currency gained 0.9 per cent against the dollar this quarter in Asia’s best performance, after an unprecedented US$19.9 billion of remittances in the first 10 months.
The Philippines posted a record balance of payments (BoP) deficit of $4.48bn in January, when it saw its biggest-ever net portfolio outflows due to an emerging market rout, data from the
central bank showed yesterday.
But authorities expect the country’s external payments position to improve in coming months as markets grow calmer over the US Federal Reserve’s plans to scale back its massive stimulus programme.