| Kippreport.com

Remittances by UAE-based OFWs to fall 6.67pc 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.

Tags: 2009, drop, OFW, Overseas Filipinos Workers, remittances, UAE