Remittances unlikely to be affected by Saudi-Iran rift, but OFWs advised to save

Remittances from Filipino workers in Saudi Arabia and Iran will be unaffected by the growing tensions between the two countries, a pro-migrant advocate said Friday.
Kabalikat ng Migranteng Pilipino (KAMPI) president Luther Calderon said economists have predicted a downturn of only two to three months at most as Saudi Arabia and Iran adjust to the economic repercussions of their rift.
"Magkakaroon lang po siguro ng blip for two or three months, but patuloy pa rin pong magkakaroon ng remittances," Calderon said.
He added that the Bangko Sentral ng Pilipinas weathered similar conditions before and only observed a small dent in the remittances sent by OFWs.
"Based din po siya sa datos ng central bank, based on experience nung nagkaroon ng mass repatriation dito sa 'tin, bumababa lang talaga ng dalawa o tatlong buwan ang remittances pero nagre-recover din," Calderon said.
He said what worries OFWs in the Gulf countries is the rising price of oil, especially in Saudi Arabia, where the prized commodity forms the backbone of the economic giant's massive subsidies.
Lito Soriano, president of LBS Recruitment Solutions, said based on a CNN report, gasoline prices rose 50 percent, an increase to 24 cents per liter from 16 cents, after cutting off diplomatic ties with Iran.
Experts said that the oil-reliant country must increase oil prices above $50 per barrel and may even start collecting taxes to sustain its cash reserve.
Though remittances will be unaffected by tensions between the two Gulf countries and rising oil prices, John Bertiz, president of the Philippine Recruitment Agencies Accredited to Saudi Arabia (PRAASA), still advised families of OFWs to cut down on spending.
"Ang pinaka-importante sa ngayon siguro at this time is maghigpit ng sinturon, medyo bawas ang gastos kasi hindi natin alam kung anong pwedeng mangyari in the future at nang sa ganon, makauwi man ang ating OFWs... at least meron silang madudukot for the next six months just in case na mawalan sila ng trabaho," Bertiz said. —KBK, GMA News

Comments

Post a Comment

Popular posts from this blog

UP Diliman Professors Share Scientists’ Procurement Struggles at Senate Hearing

By Harvey Sapigao Senate hearing of the revised procurement law (Photo credit: Senate of the Philippines) College of Science (CS) Dean Giovanni Tapang held up a little white device as he finished his presentation. “This is a ₱150,000 component,” he described. “Isa lang gumagawa nito sa buong mundo, pero ang hirap pilitin sila na magregister sa PhilGEPS,” he continued, referring to the requirement that foreign companies must first register to the Philippine Government Electronic Procurement System (PhilGEPS) before they can sell products to local scientists. Marine Science Institute (MSI) Deputy Director Dr. Irene Rodriguez explained that the small device is a resin that filters metals in water. “May budget tayo,” she said, “pero ang problema ko ay ‘yung resin na ito.” This and other bottlenecks brought about by the procurement law, or the Government Procurement Reform Act (RA 9184), slow down research and development in the country. UPD leaders were invited to the Senate he
Read more

How war is putting Middle East aviation at risk ---AL JAZEERA

The human suffering in Gaza is accompanied by losses that are undermining this vital industry With more than 40 years' experience in aviation, including a stint as chief executive Bahrain's Gulf Air and sitting on the International Air Transport Association's Board of Governors, Royal Jordanian’s CEO Samer Majali is someone who knows the industry in the Middle East – and its challenges – like few others. In an exclusive interview with The National yesterday, he spoke for many executives when he described how six months of violence in Israel and Palestine had hurt his airline and the region’s economy. While the human cost is, of course, the biggest, and Palestinian society is bearing the brunt of this war, its consequences are far reaching. The plummeting bookings, operational difficulties and financial losses being experienced by the aviation sector are being exacerbated by a widespread perception that the Middle East is in turmoil. “They lump the region as a homogeneous
Read more

Azerbaijan looks to enhance ties with Kuwait --- By Faten Omar

KUWAIT: Azerbaijani Ambassador to Kuwait Emil Karimov stated that the strong and historical ties between Kuwait and Azerbaijan pave the way for further strengthening bilateral relations across various sectors. During an iftar held by the embassy for local media, the ambassador said “With a focus on tourism, food, and education, both countries are poised to enhance collaboration and mutual exchange of expertise.” He noted that 30,000 Kuwaiti tourists visited Azerbaijan during the past year. Regarding the trade between the two countries, the ambassador said that the volume of trade exchange for the year 2023 reached $665,000 and Azerbaijan is keen to increase trade exchange with Kuwait. He said the Kuwaiti side has expressed an interest in importing food products from Azerbaijan, signaling a desire to diversify its sources of agricultural goods and strengthen economic ties to enhance trade relations. To deepen cultural understanding and foster people-to-people connections between the t
Read more