Money inflows

THE money remittance business is institutionalized by the commercial banks taking a large share of facilitating money transfers from Filipino migrants from other foreign countries or from business partnerships desiring to put up investments in the Philippines.
Other Central Bank approved conduits are the courier companies with interfaced channels using emails and voips.
Money transfers through electronic and data means have the reliability and efficiency to deliver a combined USD 17.01 Billion money inflows to the Philippines in 2009.
One of the many remittance outlets authorized by the CB is Moneygram. It operates worldwide with other financial intermediataries and available in Cagayan de Oro and all over the Philippines.
In the Moneygram option, a sender fill up forms with the required information. Set the codes and reference number and in less than 10 minutes the transfer is completed.
It is fast, safe and online with low service fees. The money sender or receiver are not obliged to own bank accounts with maintaining balance or other forms of debit cards where applications entails scrutiny by the service providers.
To receive remittance from any Moneygram paying outlet, the beneficiary need to contact only by text, call or email the person sending the money transfer.
A reference number or code which is known only by the sender and the receiver is the key to process a done payment.
Money inflows to the Philippines through the remittance business are forecasted by the University of Asia Pacific School of Economics to grow by 6 to 8% in 2010. Major sources of migrant money are the countries of USA, Canada, Saudi Arabia, UK, Japan, Singapore and Hongkong in that order.
These money inflows outperformed other economic activities in 2009. While other industries suffered reversals like the mining sector, agricultural production, manufacturing exports and capital investments. Migrant money helps keep the Philippines economy buoyant.
The Chamber of Automotive Manufacturers of the Philippines (CAMPI) reported that in 2009, the sales volumes of motor vehicles averaged 13,000 units per month and it is expected to grow 4% more in 2010.
The high demand for vehicles is sustained by OFW’s remittance to their families which is finding new luxury lifestyles. As a sign of improved economic status.
Last Sunday, I visited a housing project in an upscale uptown area which was just opened last January, the ceremonial floral wreath was still fresh with cut ribbons dangling to the ground. The project has 200 units for their so called Phase I.
When I inquired from their Property Specialists, I was informed that the 200 units are all “sold out”. She asked me if I was a returning OFW which I am not, so she can reserve me for their Phase II. Business must be brisk that even on Sundays the Bulldozers and Backhues are in action. And why the inquiry if I was an “OFW’? And how fast the 200 units were grabbled up?
Money inflows from the migrant economy are making the difference in Cagayan de Oro City.