Most OFWs go into debt to fund deployment
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Ukraine: Russia shells apartments and student dorm, killing civilians
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HILE the average recr uitment costs remain low in the Philippines, prospective Overseas Filipino Workers (OFWs) still resort to loans from family and friends as well as pawning assets in order to move, according to the World Bank. In its recent report, the World Bank said the recruitment costs for Qatar-bound OFWs were on average about $483. This is only equivalent to 1.1 month’s salary and is considered one of the lowest cost corridors in the region.
However, family support still accounts for 40 percent of the recruitment cost; personal funds, including savings and salaries, 25 percent; employer support, 23 percent; and borrowing from friends and family, 18 percent. “The share of migrants’ borrowing via formal sources such as banks is below 3 percent. A similarly small share [3 percent] reported pawning or selling their assets to finance their move abroad,” the report stated. “ The pandemic has further brought to the spotlight the is-
sue of recruitment costs as migration costs due to limited flights, quarantines, and repatriation increased while workers experienced job loss and reduced wages,” it added. The data also showed women migrant workers are more likely to sell or pawn their assets and depend on family support to obtain the needed financing to cover recruitment costs. T he World Bank data a lso showed that male OFWs, meanwhile, were more likely to resort to loans from family and friends
as well as obtain formal loans such as through banks. However, in terms of benefits, male OFWs are more likely to receive health insurance or medical allowance from their employers; get paid for overtime work; and be compensated for work-related accidents. Ma le OF Ws are a lso more likely to receive paid leave or vacation leave; get separation pay; paid sick leave; and get retirement pension. See “OFWs,” A2
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BSP raises rates anew by 25 bps By Cai U. Ordinario
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BOC files criminal raps over illegal sugar imports
@caiordinario
ITH commodity prices still high, the Bangko Sentral ng Pilipinas (BSP) decided to continue raising interest rates in its meeting on Thursday. The Monetary Board raised the BSP’s overnight reverse repurchase facility by 25 basis points (bps) to 6.25 percent, effective Friday, March 24, 2023. The BSP said with this, the interest rates on the overnight deposit and lending facilities will be set to 5.75 percent and 6.75 percent, respectively. “The Monetary Board’s decision was based on the sum of new information and its assessment of the effects of past policy actions, which warranted a continuation of monetary tightening to anchor inflation expectations,” the BSP said in a statement. “With core inflation rising in February despite a modest decline in headline inflation, further monetary policy action was deemed necessary to address broadening price impulses emanating from robust domestic demand and lingering supply-side constraints,” it added. See “BSP,” A2
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PAL’S ALL-FEMALE FLIGHT To celebrate March as International Women’s Month, an all-female flight took off for Guam shortly past 10 pm on Wednesday, March 22, 2023. PR110 Manila to Guam—with 138 passengers on board—utilized the 168-seater PAL Airbus A321neo. In command of the flight was Capt. Emmie Inciong-Ragasa, assisted by First Officer Lilybeth Tan-Ng. Capt. Hidelina Patrimonio and FO Lilybeth will be in command of PR111 from Guam to Manila on March 24. The cabin crew roster included Flight Purser Edrose Mae Tang, FA Gladys Lim, FA Frances Anne Alindogan, FA Verona Rae Salangsang, FA Pamela Jaine Sta. Ana and FA Ma. Ana Beatrice Alvarez. Upon arrival in Guam, PR110 was welcomed by a water salute organized by PAL Guam and the Guam Airport Authority. PHOTO BY PHILIPPINE AIRLINES
HE Bureau of Customs (BOC) has filed three criminal complaints before the Department of Justice (DOJ) against alleged sugar importers. The first criminal complaint is against an importer and a customs broker for illegally importing 13 containers of refined sugar at the Manila International Container Port. The other two criminal complaints were filed against another importer and their customs broker because of the alleged illegal importation of 58 containers of refined sugar at the Port of Subic. The respondents are facing numerous counts of violation of Section 1401 in relation to Sections 1400 and 117 of the CMTA, SR A-BOC Joint Memorandum 4-2002, and Sections 3 and 4 of See “BOC,” A2
90 INVESTMENT LEADS OF CHINESE FIRMS TRACKED By Samuel P. Medenilla
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@sam_medenilla
HE government is now eyeing the completion of 90 active investments leads from Chinese companies to generate more business activities in the country. Gracing the 33rd Biennial Convention of the Federation of the Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) in Pasay City on Thursday, President Ferdinand R. Marcos Jr. said the Board of Investments (BOI) is now closely monitoring progress on the deals. “I am pleased to share that as
of February 2023, the BOI, the Board of Investments is monitoring 90 active investment leads from Chinese companies engaged in manufacturing, information technolog y, business process management, and renewable energy,” Marcos said his speech. The Presidential Communications Office (PCO) noted the country secured the said investment leads following Marcos's visit to China in January with the help of the FFCCCII. The President urged FFCCCII members to take advantage of the pending investment deals to further expand their businesses. “May you all take hold of and
maximize these prospects as you venture into your next endeavors for the benefit of our people and for our communities,” Marcos said. He said his administration has already addressed the concerns of FFCCCII, which includes ensuring the country will have “sufficient power supply and lower electricity costs.” To streamline the “documentary, legal, bureaucratic requirements” of FFCCCII and other potential investors, the President said the government will set up “green lanes” in every department. “As President, it is my duty to create an enabling environment
for businesses and make the Philippines a preferred investment destination for everyone,” Marcos said. “In return, I only ask that you continue to do what you do best: to remain industrious, innovative, and compassionate in improving the lives of our people through your business initiatives,” he added. The FFCCCII is a non-stock, non-prof it cor porat ion composed of 170 member chambers and trade associations across the country. It is currently holding its Biennial Convention from March 23 to 26, 2023.
PESO exchange rates n US 54.5190 n japan 0.4150 n UK 66.9057 n HK 6.9482 n CHINA 7.9497 n singapore 40.9979 n australia 36.4350 n EU 59.2185 n KOREA 0.0421 n SAUDI arabia 14.5152 Source: BSP (March 23, 2023)