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Workers’ Remittances and Economic Growth in the Philippines

Author

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  • Alvin P. Ang

Abstract

This paper considers the present issues surrounding the role of workers remittances and its contribution/effect on economic growth and development. In particular, this paper focuses on how such remittances have been able to spur development and growth. As a case study, the paper focuses on the Philippines, one of the countries in the world with a long history of sending workers abroad. In 2005, the Philippines received approximately US$11Bn of remittances, almost 10% of its GDP. It ranks as the 3rd largest recipient of remittances in the world after India and Mexico. Along this line, the paper looks into the following areas: (a) remittance and overall growth, (b) linkages between remittances and microfinance, (c) tracing the contribution of remittances to countryside development, and (d) relationship between worker remittances and structural reform policies. We are also concerned at how these remittances have impacted the poor in general. This is important as the expected benefits have generally been unfelt at the level of the poor. We hypothesize that workers’ remittance have not been properly utilized into productive and investment uses in the Philippines. There are strong anecdotal evidences that show that most of these resources are being used to fund conspicuous consumption. Hence, we would like to find ways where these resources can be harnessed into funding development needs of the country.

Suggested Citation

  • Alvin P. Ang, 2007. "Workers’ Remittances and Economic Growth in the Philippines," DEGIT Conference Papers c012_029, DEGIT, Dynamics, Economic Growth, and International Trade.
  • Handle: RePEc:deg:conpap:c012_029
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    File URL: http://degit.sam.sdu.dk/papers/degit_12/C012_029.pdf
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    References listed on IDEAS

    as
    1. Ralph Chami & Connel Fullenkamp & Samir Jahjah, 2005. "Are Immigrant Remittance Flows a Source of Capital for Development?," IMF Staff Papers, Palgrave Macmillan, vol. 52(1), pages 55-81, April.
    2. Robert M Burgess & V. Haksar, 2005. "Migration and Foreign Remittances in the Philippines," IMF Working Papers 05/111, International Monetary Fund.
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    Citations

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    Cited by:

    1. Robert Shelburne & Jose Palacin, 2007. "Remittances in the CIS: Their Economic Implications and a New Estimation Procedure," ECE Discussion Papers Series 2007_5, UNECE.
    2. Yaşar AYYILDIZ, 2014. "İşçi Dövizlerinin Kırgızistan Açısından Değerlendirilmesi: Göçmen İşçiler Araştırması," Sosyoekonomi Journal, Sosyoekonomi Society, issue 21(21).
    3. Jessica Audrey Clayton & Thierry Warin, 2010. "A Note on Remittances in El Salvador and Ecuador: An Analysis of Household Survey Data," CIRANO Working Papers 2010s-13, CIRANO.
    4. Leonardo Di Marco & Olga Marzovilla & Luciano Nieddu, 2015. "The Role Of Remittances On The Business Cycle: The Case Of The Philippines," RIEDS - Rivista Italiana di Economia, Demografia e Statistica - Italian Review of Economics, Demography and Statistics, SIEDS Societa' Italiana di Economia Demografia e Statistica, vol. 69(3), pages 119-130, July-Sept.
    5. Robert Shelburne & Jose Palacin, 2008. "Remittance Flows in the Transition Economies: Levels, Trends, and Determinants," ECE Discussion Papers Series 2008_5, UNECE.

    More about this item

    Keywords

    Remittances; Development; Migrant Workers;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • F2 - International Economics - - International Factor Movements and International Business
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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