REDUCING THE COST OF REDUCING THE COST OF REMITTANCES/CHANNELING REMITTANCES/CHANNELING REMITTANCES FOR REMITTANCES FOR DEVELOPMENT DEVELOPMENT Presentation of Secretary Imelda Nicolas, Chairperson Commission on Filipinos Overseas 2 nd ADBI-OECD Roundtable Discussion January 18 - 20, Tokyo, Japan
20
Embed
REDUCING THE COST OF REMITTANCES/CHANNELING REMITTANCES FOR DEVELOPMENT Presentation of Secretary Imelda Nicolas, Chairperson Commission on Filipinos Overseas.
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
REDUCING THE COST OF REDUCING THE COST OF REMITTANCES/CHANNELING REMITTANCES/CHANNELING
REMITTANCES FOR DEVELOPMENTREMITTANCES FOR DEVELOPMENT
Presentation of Secretary Imelda Nicolas, Chairperson
Commission on Filipinos Overseas
2nd ADBI-OECD Roundtable DiscussionJanuary 18 - 20, Tokyo, Japan
CFO 2010 Stock EstimatesCFO 2010 Stock Estimates
Top Remittance-Receiving Top Remittance-Receiving Countries, 2011 Estimates Countries, 2011 Estimates
(in billion US$)(in billion US$)
58.0 57.0
24.0 23.0
12.0 12.0 11.0 9.0 8.0 8.0
India China Mexico Philippines Pakistan Bangladesh Nigeria Vietnam Egypt Lebanon
Source: Migration and Development Brief, World Bank
33
Top Remittance-Receiving CountriesTop Remittance-Receiving Countries(in percent of GDP, 2010)
Source: Migration and Development Brief, World Bank
Overseas Filipinos’ Remittances1980 – October 2011 (in billion US$)
Number of Banks’ Branches, Correspondent Banks, Number of Banks’ Branches, Correspondent Banks, Remittance Centers, and Tie-Ups with OF Remittance Remittance Centers, and Tie-Ups with OF Remittance 11
77
1 Data were based on reports of 8 commercial banks engaged in FX remittance transactions
Remittances by host country Remittances by host country (based on bank reports)(based on bank reports)
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
Establishment of Remittance for Establishment of Remittance for Development Council (Redc)Development Council (Redc)
• A Multi-Stakeholders’ Advisory and Policy Recommending Body/ Consultative Forum to Channel Remittances for Development
Functions of ReDCFunctions 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
Secretary Imelda Nicolas Chairperson
Commission on Filipinos OverseasCitigold Center, 1345 Quirino Highway corner South