Loading ...News
Remittances by UAE-based OFWs to fall 6.67pc in 2009
Remittances sent to the Philippines by Overseas Filipinos Workers (OFWs) in the UAE will drop by 6.67 percent in 2009...
-
Paint a picture of UAE residents
Are we over-spenders? Are we impulsive buyers? Or are we ... -
10 catchiest Dubai headlines in 2009
The financial crisis, the ever-existing labor problems, and the recent ...
-
10 major global events in 2009
From the swearing-in of a new US President to the ... -
7 big regional financial events in 2009
From Dubai’s debt debacle to Saudi’s Saad and Algosaibi case, ...
-
Foreign ownership to be allowed ‘this year’, says UAE minister
Draft law to be submitted to the Cabinet within in ... -
Online spending high in UAE, despite lack of discounts
Average spend in the last quarter of 2009 was $1,048, ...
Jul 20th, 2009
Remittances sent to the Philippines by Overseas Filipinos Workers (OFWs) in the UAE will drop by 6.67 percent in 2009, from $1.5 billion to $1.4 billion, according to Khaleej Times, citing a Philippine bank official.
“There will be a slight decrease in the remittances sent by OFWs because of the global crisis,” said Manny I. Inserto, assistant vice-president and regional head of remittances for Middle East and Africa, Global Banking Department of LandBank.
LandBank is owned by the Philippine government.
“This is a conservative estimate and is based on the number of banks (operating) in the UAE, OFW population and the volume of remittances,” Inserto said. “On average, each Filipino sends between $400-$500 per month,” he added.
There are approximately 400,000 OFWs in the Emirates.
Previous Story Next Story
