PNB opens Filipinotown branch in time for holiday remittances

LOS ANGELES - Christmas is coming and one of the more popular ways of giving gifts to loved ones back home has just expanded into one of the biggest Filipino neighborhoods in Los Angeles.

Caregiver Amelia Bernachea remits money once a month to pay for her children's tuition. She said she used to send more boxes more often but even before the price hikes and reports of boxes being opened, she realized that sending money may be a safer alternative.

Each year, remittances have grown. While the Philippine National Bank or PNB is not certain if the increase in remittance is a direct result of issues surrounding the balikbayan boxes, they say part of the growth is fueled by positive economic reports and more financial awareness in the Philippines.

"I believe that sending the money or even putting it in a savings account is a much better way than just sending them clothes or electronics or other items that are not really going to last that long or not as sustainable," said PNB General Manager Joanne Rivera.

In 2014, the Philippines received close to $25 billion in remittances. Just as the holidays are kicking into full gear, the PNB continues its US expansion by offering more remittance and financial services in one of LA's Filipino neighborhoods.

source: www.abs-cbnnews.com

BPO revenues may surpass OFW remittances

Posibleng mahigitan ng kita sa sektor ng business process outsourcing o BPO ang remittances na ipinapadala ng mga OFW sa mga susunod na taon. Ngayong taon pa lang kasi, bumaba ang remittance ng mga OFW habang tumataas ang kita mula sa BPO. - Bandila, October 19, 2015, Lunes

source: www.abs-cbnnews.com

Migrante stages 'No Remittance Day' protest in Mendiola

MANILA - Despite the government's move to stop the Bureau of Customs' (BOC) random inspection of balikbayan boxes, around 30 members of Migrante held a protest in Mendiola Friday to support an earlier call by some OFWs of a "No Remittance Day."

Migrante chairperson Connie Bragas-Regalado said they want BOC chief Alberto Lina and other "corrupt officials" of the bureau to resign over their alleged unreasonable anti-OFW plan of randomly inspecting balikbayan boxes.

She said instead of going after OFWs who send hard-earned remittances and balikbayan boxes back home, the BOC should go after big-time smugglers of rice, sugar, cars, and other contraband items.

The group also called on the BOC to shelve its plan of a P600-million revenue target from balikbayan boxes and stop imposing illegal fees, placement fees, and tax fees on OFWs.

source: www.abs-cbnnews.com

Fitch: PH economy supports credit ratings

MANILA, Philippines - Debt watcher Fitch Ratings says the Philippines' sustained economic growth will support its credit ratings.

Fitch says the Philippines' ratings are anchored by a resilient economy, supported by a steady inflow of OFW remittances and a credible monetary policy framework.

But Fitch says low income and poor governance are the country's weaknesses.

Fitch lifted the Philippines' rating to investment grade status in March 2013 and maintained it early this year.

An investment grade rating makes it cheaper for the Philippines to borrow money abroad. - ANC

source: www.abs-cbnnews.com

Market expected to remain volatile

MANILA - Volatility in the local stock market is expected to persist this week as concerns over the weakening global economy linger and will continue to shake up investor confidence.

With instability seen globally, analysts believe that the local market will remain drifting sideways, but with a downward bias.

“Expect increased volatility, pending the US and European community’s response in accelerating measures to support growth, as well as concerted measures to counter ebola’s epidemic,” said Jason T. Escartin, investment analyst at F. Yap Securities.

Despite the sour mood abroad, Escartin said the Philippine’s strong economic prospects may push bargain shoppers and help keep the local benchmark index above the 7,000 level this week.

“It has been a rough week for global equities but local share prices managed to show resilience gaining in the last three sessions to restore the PSEi above the 7,000-mark,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.

The Philippine Stock Exchange index (PSEi) closed 0.36 percent or 25.36 points lower on Friday but remained above the 7,000 mark at 7,003.22. Last Monday, the bellwether index fell below the 6,900 level for the first time in two months.

Week-on-week, the PSEi tumbled 2.29 percent with net foreign investors trimming their exposure on local equities following lower global growth expectations.

For Calaycay, the last two weeks showed a massive correction in equity prices after a steep rise seen in previous weeks.

“Despite negative sentiments in the world markets, local fundamentals remain strong with OFW remittances growing 7.2 percent to $2.2 billion in August, from $2.1 billion in the same period last year. However, market volatility remains high with foreign inflows and outflows dictating the pace of the market,” analysts at AB Capital Securities Inc. said.

AB Capital Securities analysts said the local benchmark index needs to close above the 7,200 level to break out from the current bearish trend.

Analysts agreed and placed immediate support at 6,950 to 7,000 while resistance levels are at 7,100 to 7,200.

Read more on Philippine Star.

source: www.abs-cbnnews.com