GLOBAL MONEY transfer firm Western Union Company will spearhead talks on improving the contribution of remittances to community and economic development in the country.
It said that while there is growing interest among migrant workers on how their earnings can support, not just the basic needs of family members, but also community development, much still needs to be done to maximize the benefits of their remittances.
The company will hold today the first "Western Union Conversation: Building a Future Back Home" that will gather key officials from government, business, nongovernment organizations, the academe, among others.
The initiative stems from a white paper done by the Economist Intelligence Unit last year, which showed many migrant workers are actually interested in investing back home, only they lack the organizational capability to do so.
The white paper also questioned the capacity of recipients to implement and operate projects, as well as the need to improve coordination between migrants and recipients.
Angela M. Heng, Western Union vice-president, said the Philippines has a higher level of understanding of how to harness remittances for development, given that one out of 10 Filipinos is a migrant worker.
The Philippines is the world's fourth largest recipient of remittances — next only to Mexico, India and China — with receipts amounting to $16.4 billion as of end-2008.
But even if Filipinos compare well to other nationalities in terms of efforts to pool remittances for community development, much work needs to be done, she said.
"We have many challenges, one of which is in terms of government policies that would help promote this," Ms. Heng told a briefing yesterday.
"We also need to devise strategies on how remittances could help provide [sustainable] economic benefits, and not just one-off purchases of street lamps or ambulances," she added.
The event is expected to generate a "tool kit' that will encourage collective remittance initiatives, and how best practices from the country can be replicated by other countries.
Western Union is one of the country's largest non-bank money transfer firms with 6,300 agent locations nationwide.
Ms. Heng said the Philippines is an important market for the company for having been a key driver of Western Union's growth in the region.
The Asia Pacific region contributed 8% of Western Union's $1.2 billion consolidated revenues in the first quarter. — Gerard S. dela Peña
http://www.bworldonline.com/BW052809/content.php?src=1&id=025
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