Workers’ Remittances and Economic Growth in the Philippines
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.
|Date of creation:||Jun 2007|
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- 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.
- Samir Jahjah & Ralph Chami & Connel Fullenkamp, 2003. "Are Immigrant Remittance Flows a Source of Capital for Development?," IMF Working Papers 03/189, International Monetary Fund.
- Robert Burgess & V. Haksar, 2005. "Migration and Foreign Remittances in the Philippines," IMF Working Papers 05/111, International Monetary Fund.
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