Pinoy workers beat other Canadian immigrants in money remittance
VANCOUVER, British Columbia — Despite the global recession, the Philippines is on top of the world in terms of receiving dollars sent by its Canadian migrant workers.
Filipino immigrant workers have the highest frequency of overseas remittance compared to other nationalities working in Canada, according to Belinda Lim-Herrera, an executive of a global bank remittance that operates here.
She attributed this to the “Filipino culture” where immigrant workers remit their earnings to their extended family members—brothers and sisters, husbands, wives, parents and relatives “up to third degree in consanguinity.”
In 2009, Filipino workers transmitted some $185 million to the Philippines with average of $35,000 remittance per month or $500 individually, disclosed Herrera.
She operates a global remittance bank with offices in Alberta, Ontario and Vancouver and has branches in 27 countries, including Greece and Italy.
Citing Statistics Canada, Tracy Scott, senior manager of Payment and Card Services, RBC, said in the same interview that about 23 percent of immigrants sent remittances within six to 24 months of arrival in Canada.
Twenty nine percent did so within 25 to 48 months of arrival, it was reported.
The average amount sent within six to 24 months was $2,500. After 25-48 months in Canada, the average amount sent overseas was $2,900, Statistics Canada added.
Dilip Ratha, lead economist of World Bank Development Prospects Group, who was guest in the same interview, said “the money remitted overseas last year was three times than the money intended for development assistance.”
Some $316 billion was remitted by overseas workers to India, China, Mexico, Philippines and other countries in 2009, said Ratha. The amount is expected to reach $335 billion this year with increase of 6.2 percent and $360 billion in 2011, he added. (Alex P. Vidal/ PNS)
