Unlike some countries, Philippines has shown a steady rise in remittances to the area, except of course in very recent years. For example, in 1977, just over a mere $300 million was sent to the nation, which nearly doubled just two years later. By 1990, the numbers were up to nearly $1.5 billion, and they hit $6 billion in 2000. 2006 saw yet another doubling of dollars, up to nearly $15 billion. By 2007, Philippines was second only to China on...more
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Money transfers to Mexico are the country's second largest source of income. Considering how many Mexicans work in the United States and send money home, and how many of them are out of jobs, it should not be shocking to know that remittances have plummeted. 2008 was the first time in several years that the number of money transfers declined. In 2009, it got worse, with the number dropping by about 19 percent for the month of April from the same month in 2008.The typical amount sent to Mexico is in the billions. However, the number is falling fast, from $26 billion in 2007 to $25 billion in 2008. In fact, the drop exceeded the amount that officials expected it to fall, even after putting much research into the issue. It likely has to do with the lack of available jobs in the Untied States compared to years ago. Not only are many Mexicans in this country either out of a job or suffering from fewer hours, but the lack of jobs has also discouraged many from emigrating from their home country in the first place. Important industries like tourism and manufacturing have also been crippled by the economy recently, adding to the country's woes.Though knowing statistics on the remittance...more
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Not surprisingly, data from 2003 shows that about half of the money sent to Colombia was transferred from the United States. In general, the number of remittances steadily increased from 1998 to 2008, with every year having many more transfers than the previous year. For example, 2006 had about 17 percent more remittances than 2005. This trend is...more
Remittances in general have slowed down in most countries as a result of the economy, but Latin America has not appeared to be hit as hard as many nations. In fact, 2007 saw an increase in money transfers of nearly 8 percent in El Salvador. From 1998 to 2008, the number of money transfers tripled. 2008's number of remittances was equal to about 17 percent of the area's gross domestic product, or GDP, showing that the country heavily relies on money transfers.However, the latest news on this subject reports that for the first time since about 1995, the number of remittances to this area fell in 2008. This is unfortunate news for its residents since its economy depends on remittances from other countries quite a bit, so much so that many people have stopped farming and started living off money transferred to them. In fact, nearly everyone in the country receives money from relatives overseas, making the ability to transfer money to El Salvador easily and cheaply very important.The reason for the recent reduction is clearly the economy, but you might wonder why the overall trend of sending money had increased up until recently. Much of the reason for the increase since the 1990s could...more
The flow of remittance to Pakistan has certainly had its ups and downs in the past several years. The early 1980s experienced a peak of remittances, as the number was at about $3 billion per year at that time. Though it decreased to about $2 billion...more
Lets face the fact that unless were filthy rich, the money in our pockets will always be not enough. There will be times when we will not even have much cash that we could use to answer both our needs and our wants. What is more horrible is when you...more
In 2007 alone, nearly $3 million was sent to this country, which is the most in at least a decade. Of course, those figures have climbed since that year. Over 1.5 million people from this area live in another country, which clearly creates a need to...more
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From 1991 to approximately 2008, it appears that the rate of growth of remittances to Vietnam was significant. It seemed to grow by about 40 percent per year since 1991, far surpassing the growth of many of the main industries in the country. This...more
Retail Theft And Its Link To The Recession Retailers are telling the story that they are witnessing a distinct increase in shoplifting and violence which they claim is a direct result of the recession.The latest crime study by the trade body...more