Foreign projects increase Pinoy worker demand
MANILA, Philippines - Demand for Filipino workers in Saudi Arabia, Japan, and the US territory of Guam are expected to mute the impact of lesser remittances expected this year, the Philippines’ central bank said.
Continued spending for infrastructure and social services in these countries will not only provide jobs to Filipinos but also stabilize remittance inflows, the Bangko Sentral ng Pilipinas (BSP) said.
Although remittances for this year are expected to stay within last year’s levels, BSP deputy governor Diwa C. Guinigundo dismissed forecasts that money sent home by workers abroad will contract by as much as 30 percent this year.
“There is basis for us to be less pessimistic than what these doomsayers and experts are saying about our OFW remittances this year," Guinigundo told reporters.
Previously, the Hong Kong Shanghai Banking Corp. (HSBC) announced that remittances may contract anywhere from 20 to 30 percent this year.
For its part, the International Monetary Fund (IMF) expects remittances to contract by at least 7.5 percent, three points more than the World Bank’s 4.5 percent.
Infrastructure in Saudi Arabia will be upgraded, an initiative that may require the Kingdom to hire more Filipino workers, Guinigundo said, citing a presentation made by the Saudi Arabian Monetary Authority’s deputy governor.
Jeddah, the Kingdom’s old capital, will spend $45 billion to refurbish its look, a project which will require Filipino workers.
“Filipino labor is still much preferred because we are known as fast workers and understand English instructions," Guinigundo said.
Moreover, a separate 20,000 to 30,000 Filipinos may also be hired for the US military base’s relocation to Guam from Japan, the central bank official said.
The number excludes Filipino nurses to be hired under the Japan-Philippines Economic Partnership Agreement or JPEPA, he said.
The agreement requires anywhere from two to three thousand Filipino medical workers to be sent to Japan.
At the same time, Guinigundo reiterated that the BSP’s zero growth for remittances was deliberately conservative.
However, for the cited reasons, remittances still have room to grow this year, Guinigundo said. - GMANews.TV
Continued spending for infrastructure and social services in these countries will not only provide jobs to Filipinos but also stabilize remittance inflows, the Bangko Sentral ng Pilipinas (BSP) said.
Although remittances for this year are expected to stay within last year’s levels, BSP deputy governor Diwa C. Guinigundo dismissed forecasts that money sent home by workers abroad will contract by as much as 30 percent this year.
“There is basis for us to be less pessimistic than what these doomsayers and experts are saying about our OFW remittances this year," Guinigundo told reporters.
Previously, the Hong Kong Shanghai Banking Corp. (HSBC) announced that remittances may contract anywhere from 20 to 30 percent this year.
For its part, the International Monetary Fund (IMF) expects remittances to contract by at least 7.5 percent, three points more than the World Bank’s 4.5 percent.
Infrastructure in Saudi Arabia will be upgraded, an initiative that may require the Kingdom to hire more Filipino workers, Guinigundo said, citing a presentation made by the Saudi Arabian Monetary Authority’s deputy governor.
Jeddah, the Kingdom’s old capital, will spend $45 billion to refurbish its look, a project which will require Filipino workers.
“Filipino labor is still much preferred because we are known as fast workers and understand English instructions," Guinigundo said.
Moreover, a separate 20,000 to 30,000 Filipinos may also be hired for the US military base’s relocation to Guam from Japan, the central bank official said.
The number excludes Filipino nurses to be hired under the Japan-Philippines Economic Partnership Agreement or JPEPA, he said.
The agreement requires anywhere from two to three thousand Filipino medical workers to be sent to Japan.
At the same time, Guinigundo reiterated that the BSP’s zero growth for remittances was deliberately conservative.
However, for the cited reasons, remittances still have room to grow this year, Guinigundo said. - GMANews.TV
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