Crisis pushed more Pinoys abroad — analyst
PASIG CITY â Crisis not only brings out the best in people; in the Philippinesâs case, it brought out the best people and in droves. So claims Maruja M.B. Asis of the Scalabrini Migration Center. At a policy conference organized by the SMC here, Asis said thereâs a visible volume of OFWs across all occupational groupings, including production workers, service workers (including domestic workers) and professional and technical workers (the top three occupational groupings of OFWs in 2008). Hence, she said the year-long increase of migrant worker deployment in 2009 âisnât surprising". Last year, economists chewed on their nails as a financial fiasco in the United States housing industry in 2008 cascaded over the real sector and burned markets trading with the worldâs largest economy. Some economists like Alvin Ang of the University of Santo Tomas said remittances from overseas Filipino workers in host countries like the US would either drop or remain flat because of the crisis. Remittances data from the Bangko Sentral ng Pilipinas revealed seven host countries of overseas Filipinos, including the US, Hong Kong, Italy, and Taiwan, achieved negative growth rates for remittances. Remittance volume from the US, the epicenter of the global crisis, dropped 6.41 percent while colony Guam dipped 8.03 percent. From Kuwait, remittances plunged 16.36 percent; Hong Kong 16.39 percent; and Italy 23.17 percent. Taiwan posted a staggering 52.71-percent drop in remittance volume. By volume of money, remittances from the US were less by US$501.946 million. Filipinos from Canada made up for the US shortfall by US$90.325 million. Still, overall remittances from Filipinos abroad in 2009, totaling US$17.348 billion, were more than the 2008 volume (US$16.426 billion) by 5.61 percent.
Some economists like Alvin Ang of the University of Santo Tomas said remittances from overseas Filipino workers in host countries like the US would either drop or remain flat because of the crisis.