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REDUCING THE COST OF REMITTANCES/CHANNELING REMITTANCES FOR DEVELOPMENT

REDUCING THE COST OF REMITTANCES/CHANNELING REMITTANCES FOR DEVELOPMENT. Presentation of Secretary Imelda Nicolas, Chairperson Commission on Filipinos Overseas 2 nd ADBI-OECD Roundtable Discussion January 18 - 20, Tokyo, Japan. CFO 2010 Stock Estimates.

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REDUCING THE COST OF REMITTANCES/CHANNELING REMITTANCES FOR DEVELOPMENT

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  1. REDUCING THE COST OF REMITTANCES/CHANNELING REMITTANCES FOR DEVELOPMENT Presentation of Secretary Imelda Nicolas, Chairperson Commission on Filipinos Overseas 2nd ADBI-OECD Roundtable Discussion January 18 - 20, Tokyo, Japan

  2. CFO 2010 Stock Estimates

  3. Top Remittance-Receiving Countries, 2011 Estimates (in billion US$) Source: Migration and Development Brief, World Bank 3

  4. Top Remittance-Receiving Countries (in percent of GDP, 2010) Source: Migration and Development Brief, World Bank 4

  5. Volume of Remittances 2005: US$ 10.0 B 2006: US$ 13.0 B 2007: US$ 14.4 B 2008: US$ 15.9 B 2009: US$ 17.4 B 2010: US$ 18.8 B

  6. Remittances have been resilient, providing cushion against external shocks Overseas Filipinos’ Remittances 1980 – October 2011 (in billion US$) • Remittances up by 8.2% in 2010; 7.0% in the first ten months of 2011 • Sustained remittances’ growth due to: • Diversity of OFs’ skills and expertise • New and expanded markets • Expansion of bank and non-bank services • Remittances have other benefits • Underpin private consumption • Raise savings • Increase investment in human capital • Broaden middle-class segment

  7. Number of Banks’ Branches, Correspondent Banks, Remittance Centers, and Tie-Ups with OF Remittance 1 1 Data were based on reports of 8 commercial banks engaged in FX remittance transactions 7

  8. Remittances by host country (based on bank reports) 2010 2000 8

  9. BSP Overseas Filipinos Portal www.bsp.gov.ph 9

  10. Average cost of remittance Source: Bangko Sentral ng Pilipinas

  11. Survey of Remittance Charges * Partial Report as of June 2011 11

  12. Survey of Remittance Charges * Partial Report as of June 2011 12

  13. 13

  14. Overseas Filipinos’ Remittances for Development (OF/RED) Project: “Building a Future Back Home” A collaborative project between CFO-NEDA-UNDP-WESTERN UNION FOUNDATION

  15. Key Success Factors of OF-RED Project Key Idea: collective remittances could become a powerful driver of development with emphasis on investing in economic opportunities Key challenge: leadership. Organizational capacity building is required involving all relevant stakeholders Enabling public policy environment to encourage investment and participation Instil ownership and buy-in of project(s) by migrants, their families and communities served

  16. Project Strategy of OF-RED Develop mechanisms to engage OF/Diaspora communities as transnational actors of local development by: 1)Designing and developing a model to create forward and backward linkages for product development, value chains and improved market access 2) Identifying capacity diagnostics/policy & institutional options for leveraging remittances for development 3) Marketing of idea to migrants and families left behind

  17. Continuation: Project Strategy 4) Support development of policies that tap the potential of OF remittances for savings, investments, job creation, entrepreneurship that will contribute to local economic development 5) Identify gaps that hinder and incentives that support collective remittances for development

  18. Establishment of Remittance for Development Council (Redc) A Multi-Stakeholders’ Advisory and Policy Recommending Body/ Consultative Forum to Channel Remittances for Development

  19. Functions of ReDC 1) serve as forum for issues affecting and effecting OF remittances 2) collaborate w/ other groups for collection of data to support ReDC’s informed policy recommendation capability 3) recommend & advocate for remittance-related policies e.g. further reduce remittance charges and fees 4) collaborate with other groups to provide financial education to OF and their families

  20. Thank you! Secretary Imelda Nicolas Chairperson Commission on Filipinos Overseas Citigold Center, 1345 Quirino Highway corner South Superhighway, Manila, Philippines Telephone No: (632) 552-4701 Fax No: (632) 561-8332 Email: imn103@aol.com Website: www.cfo.gov.ph

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