Saturday, May 28, 2005

Debate Rages Over Remittances of Filipino Overseas Workers

Bien Custodio
Arab NewsTuesday, 24, May, 2005 (15, Rabi` al-Thani, 1426)

RIYADH, 24 May 2005 ?Should Filipino overseas workers be made to remit their earnings home through legal banking channels only?Suggestions to make that a requirement has sparked a debate among Filipinos abroad amid reports that at least two gambling lords in the Philippines were using the OFWs, as Filipino overseas contract workers are officially known, to launder ill-gotten money.Malacanang Palace, the presidential office in Manila, wanted the investigation into illegal gambling activities across the country widened to include remittances of OFWs after a labor official warned that the new money laundering scheme could kill the Philippine economy.
Last year, overseas Filipinos remitted a total of $8.5 million through banks, making them the third biggest sender to their country after India and Mexico.

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