Thursday, November 21, 2019

Jun 26 19, 11:17 pm

Al Ain underwater; 10 Emiratis rescued from flash floods 

Ten Emiratis were rescued by emergency teams from flash floods in Al Ain Wadi yesterday amid rains brought about by inclement weather, Abu Dhabi Police today reported. According to Abu Dhabi Police the  men and women were trapped and surrounded by water in Wadi Saa....

OFW nurse dies in Texas after ‘hit and run’ incident

An overseas Filipino worker (OFW) who worked as a nurse in Texas, USA died an apparent victim of an alleged hit-and-run incident. Forty-six-year-old Joyce Cawis was a native of La Trinidad, Benguet. She left behind two children and worked as a nurse in Garland City....

77-year-old woman loses $14,000 to budol-budol gang

A 77-year old woman lost her savings of more than 10 years from a budol-bufol group. "Nagtataka ako sa sarili ko hindi naman ako napakabobo...nagpe-pray ako lagi na patawarin ko sarili ko," the woman told ABS-CBN News. She recounted that the scheme took 12 hours for...

NAIA employee returns $4,700 money found in food court

An honest employee at the Ninoy Aquino International Airport (NAIA) today returned an envelope with $4,700 or at least Php239,079. Emiline Herrera works as a food serve at Terminal 1 when she saw an envelope and thought that it's already a trash. "Akala ko po kalat...

UAE Pinoys, 3rd top money senders

by | News, TOP STORIES

Jun. 26, 19 | 11:17 pm

DUBAI: Overseas Filipino workers (OFW) sent home the third biggest remittances among other expatriates working in the UAE last year.

Filipino workers in the UAE sent Dh3.2 billion or around 7.9 percent of the entire remittances from the emirates. This is the third biggest remittance sent home by expatriates in the UAE, according to Wall Street Exchange.

Overseas Filipino workers around the world sent home $9.74 billion from January to April this year, and the United Arab Emirates (UAE) was in the top four sources of remittances, according to Central Bank of the Philippines (CBP).

CBP said the United States was the number one source of remittances, followed by Saudi Arabia, Singapore, UAE, United Kingdom, Japan, Canada, Hong Kong and Germany, respectively.

Remittances from these countries accounted for 78 percent of total remittances.

In 2017, UAE was the top source of remittances in the region at $2.54 billion.

CBP Governor Benjamin Diokno said land-based OFWs were the drivers of the growth in remittance because they have work contracts of one year or more.

Still according to CBP, Filipinos in the UAE sent $547.3 million from January to April this year.

Pinoys in UAE sent Dh3.2 billion

Meantime, official figures released by the Central Bank of the United Arab Emirates (CBUAE) showed that money sent by Filipino expats in the UAE to their families and loved ones in the Philippines have reached an estimated total of Dh 3.2 billion or the equivalent of Php 42.57 billion.

The CBUAE said Filipinos, numbering approximately one million in the UAE, account for the third largest remitters with 7.9% percent of the total of Dh 38.41B remitted by the entire expat community during the first three months of the current year.

Edwin Punzalan

Edwin Punzalan, Assistant Vice President for BDO Remittance and BDO Country Manager in the UAE, said the Filipino community has always been consistent with its ranking on the remittance scene. “Previous statistics have always shown that the Filipino segment of the remittance industry ranks either second or third,” Punzalan told The Filipino Times.

“That is why,” he added, “yung economy natin is almost dependent on OFW remittances.”

Punzalan said the Duterte administration’s track record remains steadfast because of OFW remittances. “Isa iyan sa mga pillars ng model of economic policy ng Duterte administration para ma-achieve ang sustained economic growth,” Punzalan said.

For his part, Cherian Joseph, head of products, partnerships and channels at Sharaf Exchange, another key player in the UAE money transfer industry, acknowledged how huge a market the Filipino community is.

“We have a reasonable share and we are working to increase it by offering things that are of value to them,” he said, referring to, among others, the company’s loyalty program.

Joseph added: “The love for their own families that Filipinos demonstrate is deeper than most other expatriate communities. This is evidenced through their earnest desire to uplift the financial status of relatives, for which they joyfully remit funds back home.

Cherian Joseph

“Sharaf Exchange deeply values our relationship with our Filipino patrons. We have also devised specific loyalty benefits that are aligned with the same love for one’s family – aptly titled Usrati, which is the word for My Family in Arabic. Thousands of our Filipino patrons have experienced benefits under Usrati. We plan to continue to deepen our engagement with our Filipino customers.”

As per the Central Bank of the Philippines (CBP), remittances of OFWs around the world comprise approximately 10 percent of the Philippines’ Gross Domestic Product (GDP).

Remittance: how it works

The Philippine economy is in a sound position today in part because of the steady growth and size of remittances of OFWs to the country, Prof. Gerardo P. Sicat of the University of the Philippines’ School of Economics once said.

Economists explain that dollar sent by OFWs help replenish the country’s reserves which are used to pay imports needed for infrastructure projects that in turn expedites growth by attracting investments, creating jobs and speeding up the movement of goods and services.

As Sicat put it, “OFW remittances have significantly contributed to a positive impact on the country’s earnings of foreign exchange. By substantially adding to the country’s earnings in foreign exchange, these remittances have contributed to the strengthening of the nation’s balance of payments position, bolstering the surpluses on current accounts.”

Indeed, a well-stocked dollar reserves, which is experienced traditionally during the yuletide season brought about by increased OFW remittances, help buoy the peso against the dollar, and moreover, allow for higher peso purchasing value, experts say.

Meantime, Sicat said OFW remittances, at the home front, raise a family’s standard of living such that it translate into income flows used in consumption, and investment not to mention better education for the children.

Last and most important, Sicat said is that the steady inflow of remittances enables the Philippines to buy more foreign goods and services. “This also means that it is now in a more comfortable position to service its external debt and other international obligations,” he said.

The Philippine economy has steadily been growing at a projected rate of 6.36 percent from 2010 to present, according to the World Economic Historical Statistics, data of which was extracted from the World Bank, the Organization for Economic Cooperation and Development, the International Monetary Fund, the World Trade Organization, the United Nations’ specialized agencies.

It further said that growth rate from 1980 to1989 was 2.01 percent; 2.75 percent it was from 1990 to 1999 and 4.46 percent from 2000 to 2009.

Jobs

Latest News

How to own a condo in your 20s

How to own a condo in your 20s

Buying a condo is a major landmark in one’s life, earning you bragging rights to this feat, especially if its done while you are young. But how do you really go about it? Here are some tips: 1) Know where, what you want to buy and why? Are you buying for personal use?...

Al Ain underwater; 10 Emiratis rescued from flash floods 

Al Ain underwater; 10 Emiratis rescued from flash floods 

Ten Emiratis were rescued by emergency teams from flash floods in Al Ain Wadi yesterday amid rains brought about by inclement weather, Abu Dhabi Police today reported. According to Abu Dhabi Police the  men and women were trapped and surrounded by water in Wadi Saa....

Three Pinoy students win at Yale University

Three Pinoy students win at Yale University

Three Filipino students from the Lyceum of the Philippines University-Batangas high school won a literature and debate competition in the United States last week. Three students won gold at the Debate category and the silver award at the Team Writing Scholar's Cup...

OFW nurse dies in Texas after ‘hit and run’ incident

An overseas Filipino worker (OFW) who worked as a nurse in Texas, USA died an apparent victim of an alleged hit-and-run incident. Forty-six-year-old Joyce Cawis was a native of La Trinidad, Benguet. She left behind two children and worked as a nurse in Garland City....

77-year-old woman loses $14,000 to budol-budol gang

A 77-year old woman lost her savings of more than 10 years from a budol-bufol group. "Nagtataka ako sa sarili ko hindi naman ako napakabobo...nagpe-pray ako lagi na patawarin ko sarili ko," the woman told ABS-CBN News. She recounted that the scheme took 12 hours for...

NAIA employee returns $4,700 money found in food court

An honest employee at the Ninoy Aquino International Airport (NAIA) today returned an envelope with $4,700 or at least Php239,079. Emiline Herrera works as a food serve at Terminal 1 when she saw an envelope and thought that it's already a trash. "Akala ko po kalat...

Malacañang says Aquino admin neglected drug problem

Presidential Spokesperson Salvador Panelo fired back at former President Noynoy Aquino III for doubting President Rodrigo Duterte's decision to appoint Vice President Leni Robredo as anti-drug czar. Panelo said Aquino should focus more on his criminal cases rather...

Billboard: Mariah Carey is top female artist of all time

Mariah Carey is named as the number one female artist of all time by Billboard. Mariah trails behind The Beatles in the first place, Rolling Stones in second place and Elton John as third on the Billboard chart. "Happy anniversary Billboard! This acknowledgement means...

Vice Ganda proud of boyfriend Ion Perez

Vice Ganda shared a simple message to his boyfriend Ion Perez on his Instagram account. "Darating ang panahon na may makikilala kang taong mamahalin mo at mamahalin ka din," Vice said together with a photo of Ion. In a previous interview, Vice said there's nothing to...

Recent posts

We listed over 1,000,000 jobs from United Arab Emirates monthly.

Accomodation option available in the market.

THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

SIGN UP FOR NEWSLETTER

THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

SIGN UP FOR NEWSLETTER

© 2019 The Filipino Times. All rights reserved

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

More in News, TOP STORIES
6 out of 10 nurses in the UAE are Filipinos, residents urged to honor excellent nurses
Published On  June 26, 2019
Transportation department calls attention of ‘sweet’ couple in viral video
Published On  June 26, 2019
P4 million worth of marijuana plants uprooted by PDEA in Cebu
Published On  June 26, 2019
Close