OFWs – Major Contributors to the Philippine Economy September 24, 2008

Sending money home to your loved ones in the Philippines is an important and admirable contribution. Your family members know they can always count on your support, even when you are far from home. But did you know that every time you send remittance to the Philippines, you are not only supporting your family, but contributing to the economy of your country as a whole?

Your Filipino remittances are major contributors of foreign exchange and Gross National Product (GNP) to your home country.  Official reports say that OFW remittance volume constitutes 10% of the GNP of the Philippines. That’s 5 times more than all direct foreign investment in the country!

It’s no wonder then that the president, Gloria Macapagal-Arroyo, hailed you, the overseas Filipino workers, as “true global pioneers” in her speech before the 63rd United Nations General Assembly in New York.

The next time you send money home to the Philippines, know that you are not only doing service to your family, but to your entire country at the same time.

Sources: Joel Guinto for Inquirer.net and Babe Romualdez for The Philippine Star

October 1 – non-working holiday in the Philippines September 24, 2008

President Arroyo has declared that Wednesday, October 1, 2008 is a national, non-working holiday in observance of Eid’l Fitr, or the end of the Muslim holy month of Ramadan.

You can send your remittance from Canada and the USA as normal.  For all OFWs and individuals sending money to the Philippines, please note that banks in the Philippines, including BDO, will be closed on this day. Your friends and family will not be able to pick up cash in person at Paystone’s partner banks on October 1st.  Paystone’s other delivery services for the Philippines, including pickups at Shoemart and home delivery, will not close for October 1.  Sending money from North America will continue to function as normal.  Paystone will be open for business as usual.