Remittances ‘resilient’ thanks to Filipinos’ diverse skills
Thanks to the variety of skills Filipinos have in the workplace, remittance flows to the Philippines through the first four months of the year have been strong, according to a leading financial executive.
According to the Zambo Times, speaking at the Asian Development Bank’s 45th Annual Meeting of the Board of Governors, Bangko Sentral ng Pilipinas Governor Armando Tetangco said the remittances being sent to the Philippines have been resilient thanks to the diversification of skills Filipinos bring to the marketplace.
“I think the diversification that has taken place in the overseas employment industry – diversification in terms of skills, diversification in terms of destinations and the diversification strategy itself – make our remittances resilient to downturns in certain parts of the world,” said Tetangco.
He added that the diversification of skills can be found among Filipinos throughout the world, but it has been particularly noticeable in the U.S. as many are working in hospitals and office settings, two employment sectors that have been relatively unaffected by the European debt crisis. As a result, remittance flows to the Philippines will likely continue to be strong throughout 2012.