The number of Filipinos going abroad to work has increased dramatically overtime. Nowadays, these overseas Filipino workers are deemed to be the country’s new heroes because of their unconditional love and sacrifice for their families. In the economic aspect, these workers bring annual remittances in the country which is mostly spent in household consumption. In the macroeconomic level, according to Dr. Cayetano Paderanga (2010), “the most visible effect of remittances is in the peso appreciation and the rise in investor confidence on RP’s ability to pay its debt.” In this study, annual remittances from 1989 to 2010 of two Asian countries, Singapore and Hongkong, are used (Table 1). The Asian region is chosen because of its booming economy. Moreover, it is to encourage Filipinos to work closer to home so that they may able to spend more time with their families. Singapore and Hongkong are because of their proximity to the country and more importantly, strong economic positions. Also, these two countries are hailed as top OFW destinations in 2009 by the Philippine Overseas Employment Office (POEA); Hongkong placed third while Singapore placed sixth (Ruiz, 2010). Current trends also show that the population of Filipino workers in these countries has augmented (POEA, 2010). Descriptive statistics and inferential statistics is used to analyze and investigate the given data. The data is from the Bangko Sentral ng Pilipinas. Table 1. Annual OFW Remittances, Land-based II. Descriptive Statistics Through the use of Megastat, the characteristics of the annual land-based remittances from Singapore and Hongkong are obtained and as follows: Table 2. Descriptive Statistics Data from both countries covered 22 years from 1989 to... ... middle of paper ... ...w York: McGraw-Hill Companies Inc. Lind, D., Marchal, W., & Wathen, S. (2010). Basic statistics for business & economics (7th Ed). New York: McGraw-Hill Companies Inc. Paderanga, C. (2010, February 17). The Macroeconomic Impact of Remittances in the Philippines. Annual UP-BSP professorial chair lectures. Retrieved December 13, 2011 from http://www.bsp.gov.ph/events/pcls/downloads/2010/BSP_8b_paderanga.pdf Ruiz, J. (2010, January 1). Saudi Aribia top ofw destination in 2009. Manila Bulletin. Retrieved December 13, 2011 from http://www.mb.com.ph/articles/236481/saudi-arabia-top-ofw-destination-2009 Philippine Oversease Employment Agency (2010). Overseas Employment Statistics. Retrieved December 13, 2011 from http://www.poea.gov.ph/stats/2010_Stats.pdf Kurtosis. (n.d.). Wolfgrammathworld. Retrieved December 13,2011 from http://mathworld.wolfram.com/Kurtosis.html
The over-dependent on foreign capital flows had made the Mexican economy very vulnerable to any sudden and major flux of this capital fund which was very much dependent on the investors? confidence level in the Mexican economy.
The Dominican Republic is a country that has been experiencing economic growth for the last two decades. It has shown an average growth rate of 5.4% in its GDP between 1992 and 2014, with a growth rate of 7.0% in 2015, and ending 2016 with a growth rate of 6.0%. The rate of inflation, set by the Central Bank of the Dominican Republic at 4%, is projected to be 2.6% for 2016, 1.4% below the set target (Banco Central, 2016). Notwithstanding the foregoing, unemployment rate stays high at around 14% (Trading Economics, 2016), and the government keeps increasing its external debt as it accumulates fiscal deficit (Ruiz, 2015).
Mexico’s economy was very unstable and unfair in comparison to the U.S. and Canada’s economic standing. But even though Mexico’s economy was bad, Canada and the U.S. ignored that Mexico wasn’t in any condition to enter as an equal partner (Henderson 121). The overvalued peso in Mexico also caused many problems economically. Since the peso was overvalued for many years, when the peso did float in 1994, it lost 20 percent of its value (Henderson 123). Due to this drastic change to Mexico’s currency, Mexicans were unable to make their payments nor buy goods because the prices rose drastically, which caused many businesses to shut down or lay off their workers (Henderson 123). This was the start of the many problems yet to come because these countries would be trading unequally with Mexico since Mexico didn’t have much to give besides workers who would work for cheap
2 nd. Ed. London: Routledge, 2004. http://www.routledge National Statistics Online -. 08 Jan 2004.
... allows these migrants to gain access to foreign natural resources, goods and services. Accumulation of wealth over time enables these international African migrants to provide financial resources in the form of remittances to their country of origin. Rural households may become heavily dependent on remittances and unexpected events such as a global financial crisis would result in higher rates of unemployment especially amongst migrant workers, therefore decreasing the flow of remittances. On the other hand remittances may provide capital for entrepreneurs, so Africans may sometimes diversify their sources of income from initially receiving remittances. Research shows that remittances impact the typical African individual more effectively and that remittance flows better stability than both investments and foreign aid to Africa during the most recent global crisis.
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Secondly, remittances which from immigrant workers also bring significant benefits to many countries. The UN report said the total amount of money that immigrant workers worldwide sent back to their country in 2011 was more than $ 300 billion (increased several times compared with $ 102 million in 1995). This source of...
"The Labour Market Effects of Immigration." The Migration Observatory. N.p., n.d. Web. 13 Mar. 2014. .
In Zambia, remittance is used in order to create an alliance or social bonds, these social bonds will be used to create a social insurance for future generations in their home community. Cliggett, L. (2003). Migrants maintain relations with individuals at home through remittance; these social ties are maintained as a way to keep into contact with members of their community, which is beneficial to the migrants, as well as the community. It is known that there is very little extra capital within Zambia, migrants have very little to spare yet the point of gift exchange is the power created in order to form alliances as well as recognition for the kin, this acts as a link between the migrant worker and the receiver of a gift in a form of an obligation. Cliggett, L (2003) It is also noted that when migrants visit their home villages they are expected to take part in the fabric of village life and by at least offering a gift. Cliggett, L (2003) these gifts could take form in assistance of daily tasks, clothes, food or small sums of money. The Tiv people also use remittance as the form of gifts. Gifts have no exchange value and show that there is a form of a relationship, which takes time. This can be compared to the maintenance of social bonds in Zambia. Their system of distribution and exchange is multi centric; this means that there were no rules or standardized
In addition, after the 2011 Singapore general election, the government of Singapore has greatly changed its economic approach and it seems to be better for the economy of Singapore so far. On the other hand, measures have also been taken to cool down the property market which has constantly affected inflation rates, also tightened the foreign labour policies that constantly influence the labour market and unfold its impacts onto the Singapore’s economy as it comes back in one round. The unemployment rate in Singapore has been maintaining itself as being one of the lowest numbers in the world. The majority of Singapore’s labour force is well educated and highly skilled. Even primary education is a must for all citizens (Economywatch.com, 2010). In addition, for the year 2010, Singapore had the 8th largest current account balance in the world at US$49.454 billion. To conclude, Singapore has come so far from its sunken economy since independence in 1965 to become a booming and prosperous economy that it is
Cruz, Maria C., et al. Population Growth, Poverty, and Environmental Stress. Frontier Migration in the Philippines and Costa Rica. N.p. : World Resources Inc. Institute, a.k.a. 1-92.