Topic > Annual remittances from Filipino workers living abroad...

The number of Filipinos going abroad to work has increased significantly with overtime. Nowadays, these overseas Filipino workers are considered the country's new heroes because of their unconditional love and sacrifice for their families. From an economic point of view, these workers bring annual remittances into the country which are spent mainly on family consumption. At the macroeconomic level, according to Dr. Cayetano Paderanga (2010), “the most visible effect of remittances is the appreciation of the peso and the increase in investor confidence in RP's ability to repay its debt”. In this study, the annual remittances from 1989 to 2010 of two Asian countries, Singapore and Hong Kong (Table 1). The Asian region was chosen for its booming economy. It also serves to encourage Filipinos to work closer to home so they can spend more time with their families. Singapore and Hong Kong are due to their proximity to the country and, more importantly, strong economic position. Furthermore, these two countries are considered the top OFW destinations in 2009 by the Philippine Overseas Employment Office (POEA); Hong Kong ranked third while Singapore ranked sixth (Ruiz, 2010). Current trends also show that the population of Filipino workers in these countries has increased (POEA, 2010). Descriptive statistics and inferential statistics are used to analyze and investigate the data provided. The data comes from the Bangko Sentral ng Pilipinas. Table 1. Annual OFW remittances, from landII. Descriptive Statistics Through the use of Megastat, the characteristics of annual land remittances from Singapore and Hong Kong are obtained as follows: Table 2. Descriptive Statistics Data from both countries covers 22 years from 1989 to... middle of the paper. .....in York: McGraw-Hill Companies Inc. Lind, D., Marchal, W., & Wathen, S. (2010). Basic Statistics for Business and Economics (7th Edition). New York: McGraw-Hill Companies Inc. Paderanga, C. (2010, February 17). The macroeconomic impact of remittances in the Philippines. Annual lessons of the UP-BSP chair. Retrieved December 13, 2011, from http://www.bsp.gov.ph/events/pcls/downloads/2010/BSP_8b_paderanga.pdfRuiz, J. (2010, January 1). Saudi Arabia is the top destination in 2009. Manila Bulletin. Retrieved December 13, 2011, from http://www.mb.com.ph/articles/236481/saudi-arabia-top-ofw-destination-2009Philippine Oversease Employment Agency (2010). Statistics on employment abroad. Retrieved December 13, 2011, from http://www.poea.gov.ph/stats/2010_Stats.pdfKurtosis. (n.d.). Wolfgrammathworld. Retrieved December 13, 2011, from http://mathworld.wolfram.com/Kurtosis.html