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Tilted Cat Head
Administrator
Location: Manhattan, NY
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I don't think that people seem to understand that it's not just about how much or how little they get paid. The overseas workers are taking care of family members back home. $143B in 10 months a huge amount of money.
Quote:
Overseas remittances hit 14.3 billion dollars in 10 months : Finance General
Posted on : 2009-12-15 | Author : dpa
News Category : Finance
Manila - Remittances from millions of overseas Filipinos rose 4.5 per cent to 14.3 billion dollars in the first 10 months of the year, the central bank said Tuesday. The bank said the remittances during January-October were up from 13.7 billion dollars in the same period in 2008.
"The continued deployment of Filipino workers abroad has provided support to the steady flow of remittances over the 10-month period," the bank said in a statement.
In October alone, remittances rose 6.7 per cent to reach 1.5 billion dollars, the highest monthly remittance level on record.
The central bank attributed the higher remittances in October to a "seasonal pick-up in inflows" during the fourth quarter.
It added that overseas Filipinos sent additional money to help relatives recover from the devastation caused by back-to-back typhoons in September and October.
At least 8 million Filipinos live and work abroad. Their remittances, which totalled 16.4 billion dollars last year, account for about 10 per cent of the country's gross domestic product.
The major sources of remittances for the 10-month period were the United States, Canada, Saudi Arabia, Britain, Japan, Singapore, the United Arab Emirates, Italy and Germany.
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You can look at the Filipino census for the overseas worker and see just what the stats are. They aren't just going because it's small wages, they are going because it's a better opportunity than what they can make back at home. Giving up your homeland, your family is not something easy to do.
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