Leveraging Remittances for Development
•Download as PPT, PDF•
1 like•465 views
a Presentation by the Bangko Sentral ng Pilipinas (BSP) at the BSP Regional Financial Literacy Campaign for OFWs in Bacolod City, Philippines on June 28, 2007
Recommended
More Related Content
What's hot
What's hot (10)
Similar to Leveraging Remittances for Development
Similar to Leveraging Remittances for Development (20)
More from rexcris
More from rexcris (20)
Recently uploaded
Recently uploaded (20)
Leveraging Remittances for Development
- 1. Leveraging Remittances for Development Financial Literacy Campaign for Overseas Filipinos and Families 28 June 2007 Mayfair Plaza, Bacolod City Bangko Sentral ng Pilipinas
- 2. Trends in Remittances of Overseas Filipinos
- 4. 1/ Cash remittances coursed through the banks OF REMITTANCES 165.9 (J-Mar.) 18.7 (Apr) 491.6 (J-Mar.) 25.8 (J-Mar.) 11.1 (J-Mar.) 26.1 4.68 (J-Apr.) 2007 96.6 40.2 270.1 14.9 8.0 -10.9 6.05 2000 161.5 55.6 544.2 24.7 10.9 19.4 12.76 2006 142.2 57.8 576.5 23.9 10.9 25.0 10.69 2005 12.8 10.1 14.2 -0.3 Growth Rate (%) 8.55 7.58 6.89 6.03 Level (in US$ Bil) 1/ Remittances as % of: 118.5 51.7 1242.7 20.0 9.9 2004 95.3 44.4 1543.4 19.6 9.5 2003 88.7 42.1 446.6 18.2 9.0 2002 92.4 38.4 3092.8 17.5 8.5 2001 DSB GIR FDI XGS GDP
- 5. Macro Economic Benefits of Remittances
- 7. Harnessing Remittances for Development
- 10. PESO REMITTANCE CONSUMPTION SAVINGS SMEs/MICROFINANCE Bank instruments (TD/SD/ Mutual funds/UITF) P5,000 up Savings in Cooperatives TD/SD P5,000 up Treasury instruments T-bills, T-notes P100,000 up Stock Market Insurance (life, non-life, Education, pension) Real Estate Others Agri-business Retail business Lending business Others
- 11. Survey of Remittance Charges *The bank notifies the beneficiary of the remittance by phone; the beneficiary picks up the remittance from the nearest branch. 3.76-4.76 3.82 7.71-15.42 10.97-18.74 8.09-14.18 8.00-16.00 4. Advice and Pay * 4.99-9.82 9.60 9.70-17.27 13.96-23.53 14.09-17.59 16.00-19.00 Provinces 4.40-6.79 6.71 9.70-15.42 13.96-23.53 12.09-14.59 14.00-17.00 Metro Manila 3. Door-to-Door: 2.94-3.80 3.82 9.70-13.58 10.97-18.74 10.09-14.59 8.00-17.00 2. Credit Other Local Bank 2.94-3.76 3.82 7.85-11.73 9.48-13.96 7.09-11.59 8.00-12.00 1. Credit to Account (Own Bank) 2006 2000 2006 2000 2006 2000 200 600 400 Ave. Amt. of Remittance per transaction Singapore United Kingdom USA Source of Remittance (in US $, including FX mark-up)
- 12. Website: www.bsp.gov.ph E-mail: [email_address]
Editor's Notes
- Ladies and gentlemen, good afternoon. The Bangko Sentral ng Pilipinas is very glad to bring its Financial Literacy Campaign for Overseas Filipinos and their families in Bacolod. Together with the Overseas Workers Welfare Administration (OWWA) and other partner agencies, the BSP has covered so far 12 major cities around the country since this activity was launched in February 2006. Three more Financial Literacy Campaigns are lined up for the rest of 2007 as we aim to reach out to more OFWs and their beneficiaries. The continued exodus of Filipinos in search of better-paying jobs overseas and the rising amount of remittances that they send to their families in the Philippines have stirred the interest of many, including the Bangko Sentral, to map out various initiatives to improve the remittance environment and to channel these remittances to productive undertakings.