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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...
July 20, 2009 8:39 by Dana El Baltaji
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.