Representatives from the Philippine government, civil society,
development actors, Overseas Filipino Workers (OFWs) and their
families are being brought together by IOM for a series of meetings
looking at new ways to mobilize remittances for development and
poverty alleviation at a time of global economic downturn.

There has been a growing interest in promoting financial and
investment services for migrants and Overseas Filipino Workers as
more than one million Filipinos emigrated each year for the past
three years. An average daily departure of legally processed
temporary labour migrants is now estimated at 3,500
individuals.

With almost 10 per cent of the country's population living in
190 countries around the world, there has been a steady increase in
remittances which reached USD 16.4 billion, approximately 9.7 per
cent of Gross Domestic Product in 2008.

The first of the meetings, which began last week and which are
funded by the European Commission, focused on ways to improve
financial literacy among OFWs and their families. 

"Improving financial literacy among households that receive
remittances is one fundamental way to enhance the link between
remittances and development," says IOM Regional Representative
Charles Harns. "It is particularly timely, given the financial
crisis that is affecting families worldwide." 

Subsequent meetings on 2, 16 and 23 April on various issues
including entrepreneurship, investments, migrant philanthropy, will
lead to a final gathering on 30 April at which a plan of action to
promote the development impact of remittances will be
formulated.

For further information, please contact:

Aiko Kikkawa

IOM Manila

Tel: +632 848 1260 (ext 152)

E-mail: "mailto:akikkawa@iom.int">akikkawa@iom.int