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  • Essay / Annual remittances from overseas Filipino workers...

    The number of Filipinos going abroad to work has increased significantly over time. Nowadays, these overseas Filipino workers are considered the country's new heroes because of their unconditional love and sacrifice for their families. Economically, these workers bring annual funds into the country which are mainly spent on household consumption. At the macroeconomic level, according to Dr. Cayetano Paderanga (2010), "the most visible effect of remittances is the appreciation of the peso and the increase in investor confidence in RP's ability to pay its debt" . In this study, annual remittances from 1989 to 2010, two Asian countries, Singapore and Hong Kong, are used (Table 1). The Asian region is chosen because of its booming economy. It is also about encouraging Filipinos to work closer to home so they can spend more time with their families. Singapore and Hong Kong are so because of their proximity to the country and, more importantly, their strong economic position. Furthermore, these two countries are hailed as top OFW destinations in 2009 by the Philippine Overseas Employment Authority (POEA); Hong Kong ranked third and Singapore sixth (Ruiz, 2010). Current trends also show that the population of Filipino workers in these countries has increased (POEA, 2010). Descriptive statistics and inferential statistics are used to analyze and study the data provided. The data is from Bangko Sentral ng Pilipinas. Table 1. OFW annual land-based remittances II. Descriptive statisticsThrough the use of Megastat, the characteristics of annual overland remittances from Singapore and Hong Kong are obtained as follows:Table 2. Descriptive statisticsThe data for the two countries covered 22 years from 1989 to...... middle of the article. .....w York: McGraw-Hill Companies Inc. Lind, D., Marchal, W., and Wathen, S. (2010). Basic Statistics for Business and the Economy (7th Edition). New York: McGraw-Hill Companies Inc. Paderanga, C. (February 17, 2010). The macroeconomic impact of remittances in the Philippines. Annual conferences of the UP-BSP professorial chair. Retrieved December 13, 2011 from http://www.bsp.gov.ph/events/pcls/downloads/2010/BSP_8b_paderanga.pdfRuiz, J. (January 1, 2010). First Saudi destination in Aribia in 2009. Manila Bulletin. Retrieved December 13, 2011 from http://www.mb.com.ph/articles/236481/saudi-arabia-top-ofw-destination-2009Philippine Overseas Employment Agency (2010). Foreign employment statistics. Retrieved December 13, 2011 from http://www.poea.gov.ph/stats/2010_Stats.pdfKurtosis. (nd). Wolfgrammath World. Retrieved December 13, 2011 from http://mathworld.wolfram.com/Kurtosis.html