The Philippines is heading for another boom year in remittances if the figures released last week for November are anything to go by.
According to data released by the government, Filipinos living and working overseas in November sent home a total of US$1.61 billion (Dh5.91bn), up 10.5 per cent on the same period in 2009.
In the 11 months of last year, remittances from the estimated eight million overseas workers totalled $17.07bn, well up on the $15.78bn for the same period in 2009.
The central bank is expecting remittances for last year to be about $18.7bn. Victor Abola, an economist with the University of Asia and the Pacific, was more bullish, expecting remittances to total $19bn.
Remittances contribute about 10 per cent to the South East Asian nation's GDP, making it the second-largest source of foreign capital behind local value-added exports such as electronic components.
Much of the money that is sent back goes into consumption such as buying cars, homes and mobile phones in a country where the World Bank estimates one out of four people live on less than $1.25 a day.
Remittances have become the major source for consumption in the Philippines because little is saved or spent on building small businesses.
With the release of the figures last Wednesday, Cayetano Paderanga, the economic planning secretary, admitted that remittances would continue to be the main source for consumption in the foreseeable future.
Foreign investment continues to be woefully low compared with other countries in the Association of South East Asian Nations (ASEAN). According to World Bank data, annual net foreign direct investment (FDI) from 1990 to 2009, as a percentage of GDP, was less than 2 per cent compared with Singapore and Vietnam where net annual inflows exceeded 10 per cent.
The government is hoping for a surge in foreign investments from public-private partnerships projects in the coming year.
Mr Paderanga said he was hopeful that as peoples' disposable income rose they would consider putting extra money into savings or investments. But as yet there appears to be little sign of that happening.
According to the World Bank's Global Economic Prospects (GEP) 2011 report, worker remittances are critical for a number of countries in east Asia, where income flows from the expatriate labour force can amount to a substantial share of GDP. Remittances continued during the worst of the recession in 2009 and are estimated to have increased 6.4 per cent in east Asia last year.
Although China leads the remittances table in the region with $48bn in 2009, according to the World Bank, such flows account for only 0.9 per cent of the country's GDP.
Despite much of the pre-election hype last year by many of the presidential candidates, including Benigno Aquino, the president, about wanting to bring Filipino workers back home, the economic reality makes that an impossibility.
Amando Tetangco, the central bank governor, said demand for Filipino workers overseas was high because of their "diversified skills". Although the government takes growth in remittances as positive news, economic managers agree that the huge number of Filipinos working and looking for work abroad is an indication they find better job opportunities outside the country.
Professor Ernesto Pernia, an economist with the University of the Philippines, who has written extensively about the subject said "migrants typically are among the better-educated and experienced workers in the home country".
"Their departure often results in a disruption of economic activity."
Economists have warned that by letting the best and brightest leave the country it holds back real economic growth and makes it difficult for new industries to attract investors because the country lacks skilled workers.
Prof Pernia says that when skilled workers leave, the quality of those who replace them is questionable, resulting in a "deterioration in quality".
He has cited education and heath as two examples where the migration of domestic workers has affected the quality of education and health care in the Philippines.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
UAE currency: the story behind the money in your pockets
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
MATCH INFO
Pakistan 106-8 (20 ovs)
Iftikhar 45, Richardson 3-18
Australia 109-0 (11.5 ovs)
Warner 48 no, Finch 52 no
Australia win series 2-0
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
MATCH DETAILS
Barcelona 0
Slavia Prague 0
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
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Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi