outbrain
Close  

Philippines says Japan, Arab jobs fallout minimal

/ 05:39 PM July 15, 2011

MANILA, Philippines—Philippine job losses from unrest in the Arab world and the Japan quake have had little overall impact on the amount of money the huge Filipino overseas workforce sends home, the central bank said Friday.

Cash transfers rose 6.2 percent from a year earlier to $7.9 billion in the five months to May, slightly down from its 6.6 percent growth in the same period last year, it said in a statement.

ADVERTISEMENT

May transfers rose 6.9 percent year-on-year to $1.7 billion.

“Data… showed that Filipino workers continued to be deployed abroad, offsetting the job losses resulting from social unrest in the Middle East and North African region and the disasters that occurred in Japan,” it said.

FEATURED STORIES

About 26,000 Filipino workers fled Libya’s civil war this year.

The Philippine government also ordered its 1,400 citizens last month to leave Yemen.

Remittances by sailors surged 21.4 percent in the first five months, while land-based workers’ remittances grew by a slower 3.6 percent, the central bank said.

The Bangko Sentral ng Pilipinas said moves by Saudi Arabia, which hosts 1.3 million Filipinos, to transfer more jobs to its citizens should also likewise have minimal impact on those employed by big firms.

“Only (Filipinos) who are employed by small establishments will likely be most affected, as they have largely been non-compliant with the program to-date,” it added.

Manila also plans to negotiate with Saudi Arabia after the kingdom stopped granting work permits to Filipino domestic workers last month amid a dispute over a $400 minimum monthly pay demand.

About nine million Filipinos live or work abroad out of a total population of 94 million, remitting a record $18.76 billion last year.

ADVERTISEMENT

The cash injections provide a massive boost to a struggling domestic economy in which a fifth of the labor force is chronically unemployed or stuck in low-paying, part-time jobs.

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Arab unrest, Bangko Sentral ng Pilipinas, BSP, central bank, OFW, Overseas employment, Remittances
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.