Remittances rise as Filipinos fill job openings
Between 1948 and 2012, the U.S. unemployment rate has averaged 5.8 percent, a number that suggests many people have been able to find work. In more recent years, however, that number has skyrocketed, as since January 2009, the nation's unemployment rate has been at or above 8 percent.
Despite this, companies continue to seek individuals who can adequately fill open positions. And if a recent remittance flow report is any indication of who's being hired, these people are often Filipino.
According to Bangko Sentral ng Pilipinas, thanks to Filipinos taking advantage of job openings, money being sent home by Filipinos living and working abroad rose by 5.3 percent in April, amounting to $1.7 billion versus $1.6 billion worth of money transferred to the Philippines in the same month last year.
"Remittance flows were sustained by the steady demand for Filipino workers abroad," the Philippines' central bank asserted in its report.
While the numbers released by BSP clearly indicate that many Filipino workers are already in the workforce, data gathered from the Philippine Overseas Employment Administration suggests many more workers are still waiting in the wings. BSP reported based on the POEA's figures that more than 85,000 hired workers were awaiting deployment, a stark rise of just under 17 percent from 72,941 last year over the same January-to-February period. Of these positions Filipino workers were hired for, most were in the service, professional, technical and production fields.
Not only are more Filipinos being hired, but there are also more financial services firms being opened that deal with remittances and money transfers, BSP reported. This provides a partial explanation for the increased inflows of overseas remittances.
"To date, there are about 4,732 bank branches, correspondent banks, remittance centers, tie-ups/agents providing remittance services compared to 4,575 entities in the same period last year," the BSP indicated in its report.
The central bank also detailed the types of remittances that have been sent through the first four months of the year. About $6.5 billion was in the form of cash while $5 billion was in bulk. Bulk chiefly came from overseas Filipino workers whose jobs were on land while $1.5 billion was from sea-based workers.
Not surprisingly, the countries fromwhich remittances chiefly came from largely mirrored where OFWs worked in. This included the United States, Canada, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Singapore, Italy, Germany and Hong Kong. In a separate report conducted by the National Statistics Office, most of these countries were dominated by OFWs in 2011 as well.
As noted by Business World Online, the BSP included additional data in April's remittance report, which involved non-cash items that were transferred or brought overseas by Filipinos to their families. These personal items – most of which were material goods – were valued at $1.8 billion, up from $1.7 billion in Aprill 2011.
Bradley defeats Pacquiao in split decision rife with controversy
In a match boxing enthusiasts believed would establish one person as the sport's undisputed top contender, the results of the Manny Pacquiao/Timothy Bradley Jr. showdown may have left more questions than answers.
Last Saturday before a capacity crowd of 14,000 and millions of pay-per-view viewers – including those who got to see the match for free after making a money transfer to the Philippines through Xoom – the Pacquiao/Bradley bout went the distance by lasting all 12 rounds. But in a stunning upset, the pride of the Philippines lost to Bradley when the judges made their decision.
As compelling as the match was to watch, however, many people went away from the bout with a sour taste in their mouths, as impartial observers and casual scorers alike indicated Pacquiao had the upper hand throughout the event.
According to multiple reports, Pacquiao outperformed Bradley in almost every round, with Bradley coming on strong in only a handful of the later rounds. But when the official scorers tallied up Bradley's and Pacquiao's points, two of the judges had Bradley winning 115 to 113 while the third had the same score in Pacquiao's favor.
The most compelling aspect of the event suggesting the Fighting Pride of the Philippines was the actual winner was the punch count. Pac-Man landed nearly 100 more punches than the newly crowned light-welterweight champion, connecting on 253 punches to Bradley's 159. Not only that, but the 33-year-old southpaw landed more power punches, scoring 190 to Bradley's 108, according to ESPN Stats and Information.
ESPN was one of the impartial ring observers that scored each round. ESPN.com's Dan Rafeal had the bout at 119 to 109 in favor of Pacquiao. But when the decision was handed down and Bradley's arm was raised in victory, Rafael called the decision "an absurdity."
Reporters for The Associated Press were similarly baffled by the decision, as they had the Fighting Congressman winning 117 to 109. While Pacquiao was disappointed by the judges' verdict, perhaps no one was more stunned than his trainer, Bob Arum.
"Those scorecards were ridiculous," Arum told reporters afterward. "Everyone near me said it's a fun fight, Bradley's really trying, but it's one-sided. If we had three experienced judges doing this fight instead, all we'd be talking about is how courageous Bradley was."
The judges who had Bradley winning stand by their decisions, however. In an interview with a Las Vegas newspaper, judge Duane Ford said he thought Bradley gave the now former WBO light-welterweight champion a "boxing lesson," and that Pacquiao was wild with his punches throughout the night.
Talk about the controversial decision will likely continue for the foreseeable future as Pacquiao looks to prove the judges wrong on November 10, when the rematch will be held.
You can guarantee Manny will be ready.
Bradley ready to “shock the world”
After several underwhelming performance by Manny Pacquiao, most boxing enthusiasts and analysts will have their eyes trained on the WBO Welterweight Champion on Saturday, looking to see if he may have lost some of his former dominance. But Timothy Bradley, Jr., Pacquaio's undefeated competitor, says observers would be wise to watch him instead – as he intends to "shock the world."
"I’m ready to do whatever it takes to win this fight," the 147-pound, two-time champion told the New York Post. "I'm ready."
Bradley indicated that for the past four years, his primary focus has been on Saturday's matchup and anticipating how Pacquiao will perform in the ring. Hours in the gym and reviewing a considerable amount of film footage has prepared him, he says, for taking whatever the Fighting Pride of the Philippines brings.
The 28-year-old California native isn't the only one who can attest to his focus. Cameron Dunkin, Bradley's manager, told the newspaper that he's never seen Bradley more driven to win.
He has an incredible work ethic," said Dunkin. "He eats it, watches it, sleeps it, breathes it. He takes his career more seriously than anyone I have ever seen."
Their confidence, however, wasn't enough for the Las Vegas oddsmakers to give him the edge in the fight. Nor is his 28-0 record, 12 of them by way of knockout. The odds of Bradley defeating Pac-Man – who has a lifetime record of 54 wins, 3 losses and 2 draws – are 4-to-1, but this is subject to change.
While most are banking on Pacquiao to retain his title, those who are betting against the Fighting Congressman may be doing so because of Bradley's fighting style. It's this overtly aggressive approach to boxing that Pacquiao's trainers have expressed concern about, as Bradley has a tendency to lead with the head, often colliding with his opponents'. Recognizing these inclinations, Bradley told the New York Post that he's altered his style so he can't be accused of fighting dirty.
I don't want to leave a bad taste in the mouth of the fans," Bradley confessed. "They pay to see a show."
Whatever happens in Saturday's fight, a rematch is all but certain. Multiple reports indicate there was a rematch stipulation built into the contract when the June 9 match was booked several months ago. It's tentatively scheduled for November 10.
Before that, though, business has to be settled at the MGM Grand in Las Vegas. You can watch Bradley take his best shot at Pacquiao when you sign up with Xoom and make your first monetary transfer. You'll then receive an email with instructions for how to contact your cable provider so you can watch the Pay Per View free of charge.
But hurry – the match is tomorrow and this offer will soon come to an end.
Pacquiao feeling pressure yet confident in win
Over the past several weeks, in the dramatic and exciting lead-up to Manny Pacquiao's return to the squared circle, the Philippine native has practiced humility, noting the considerable talent his latest opponent, the undefeated Timothy Bradley, Jr., has. But if boxing observers view his modesty as an indication he's not confident about winning, the Fighting Congressman says his critics are sorely mistaken.
Doubts as to Pacquiao's readiness may stem from his matches against Shane Mosley and Juan Manuel Marquez, as even though the 33-year-old southpaw won both, they were by decision.
But it's because his two most recent wins weren't decisive that Pacquaio is confident he won't disappoint Saturday night.
Speaking to BoxingScene.com, Pacquiao said he hasn't put the type of pressure he's placing upon himself to win in this bout since he faced Erik Morales seven years ago at the MGM Grand in Las Vegas, the same place where Bradley and he will meet. In the first of three fights with Morales, Pacquiao sustained a significant cut over his right eye after the two bumped into each other when going in for a punch at the same time. The jarring impact didn't cause him to fall but was enough for him to not garner the points needed to win the match, as the judges unanimously crowned Morales as the winner.
Pac-Man wouldn't let that defeat affect his performance in future matches, as in the two fights he had with Morales in 2006, he won both by way of knockout.
Today, Pacquiao is confident he'll boost his string of consecutive wins to 16, thanks both to his preparation and his supporters who will be in attendance.
"There's a lot of boxing fans here showing their support," Pacquiao told ESPN before an assembly of reporters in the lobby of the MGM Grand.
Still, while the WBO Welterweight Champion is expecting to win, he's still not taking Bradley lightly.
"I expect him to be in 100 percent condition," said Pacquiao, when asked to anticipate how Bradley would appear this Saturday night. "He trained hard for this fight and I believe people will be happy he'll give a good fight."
Another difference between this fight and previous ones? Pacquiao's family, telling reporters that many of them will be in attendance, which he says will be a huge benefit to his confidence and desire to retain his title.
Nothing's more important than family. If you work in the U.S. but have a family member who still lives in your home country, you probably help take care of them by sending them money. For a limited time, however, when you send your first transfer with Xoom, you can not only take care of your family but you'll be able to watch the Manny Pacquiao/Timothy Bradley fight on Pay Per View free of charge.
Visit Xoom.com right now to find out all the details.
Could Bradley’s drive for excellence be too much for Pacquiao to handle?
From his most potent punch to his ideal fighting weight, his birthdate to his net worth, Manny Pacquiao fans often know anything and everything about their favorite Filipino boxer. Yet despite a considerable amount of press coverage as Pacquiao's latest bout looms, boxing enthusiasts may still be unfamiliar with his opponent, Timothy Bradley, Jr. After reviewing his background, the undefeated 28-year-old could be Pacquiao's fiercest competitor yet.
For most of Bradley's life, he's devoted himself to the craft of boxing, as friends of his when he was younger propelled him to pursue it as a career goal.
"I had a friend in the sixth grade who was boxing," the WBO junior welterweight champion told HBO, which will air the Pay Per View event on June 9. "We used to play around, do some slap boxing. One day he said to me, 'You know you have really fast hands. You ought to come down to the gym and try boxing.'"
While it took Bradley a lot of convincing to get the go-ahead from his father, he eventually got his parents' permission.
With hours of training in the Palm Springs Boxing Club, Bradley's enthusiasm for boxing led to almost immediate success in his early matches. In 145 matches, he lost only 20 times, winning the U.S. Nationals title in 2000 for the 147-pound weight class.
Bradley hasn't been without some disappointments, however. Encouraged by his rapid rise in the amateur division, he tried out for the U.S. Olympic team. Changes to some of the weight classes imposed by the U.S. Olympic Committee left him unprepared.
"They eliminated both the 156 and 147-pound weight classes and combined them at a new weight, 152," Bradley told HBO.
As a result, Bradley was forced to face guys that he says were a lot bigger than him and he missed out on the 2000 Sydney Olympic Games after losing in the Western Trials.
Hoping never to experience that kind of disappointment again, Bradley redoubled his efforts to become the best he could be. Since turning professional, he's gone undefeated, sporting a sterling 28-0 record.
It's this commitment to excellence that makes Pacquiao take the 28-year-old Bradley seriously.
"We have trained hard for Bradley because he is the type of fighter we cannot underestimate," Pacquiao relayed to the Miami Herald. "I don’t know what Tim Bradley will bring in the ring on that night, but we will be ready for whatever he brings."
Will Bradley's perfect professional record improve to 29 wins or will Pacquiao show Bradley who is the true king of the ring? You can find out for yourself by sending your first transfer to the Philippines with Xoom. First-time users will be able to watch the pay-per-view event for free. Visit Xoom.com to find out more about this limited time offer.
Pacquiao not taking latest challenger lightly
In 54 bouts, World Boxing Organization Welterweight champion Manny Pacquiao has dominated his in-ring foes, as 38 of his wins have been knockouts. This has led many boxing enthusiasts to believe that the Fighting Congressman's latest challenger – Timothy Bradley, Jr. – will be the latest victim in Pacman's pursuit of boxing greatness.
But one guy who isn't underestimating Bradley's abilities is Pacquiao himself.
"Timothy Bradley brings a lot of weapons to a fight," Pacquiao told Fox Sports. "He has youth, an aggressive style and a state of mind that only a world champion possesses. Tim has always found a way to win. He has great determination and can adapt and change his game plan in mid-fight."
He added that he's been impressed by what he's seen of the undefeated Bradley, who recently notched his 27th and 28th victories after defeating Lamont Peterson and Devon Alexander, respectively, both of whom had zero losses headed into their matches.
But that's not to suggest the Filipino southpaw is any less confident, noting that the challengers he's faced have been every bit every bit as fearsome.
"My experience against Hall of Fame-caliber opposition is … an advantage for me," Pacquiao told Fox Sports. "I have learned so much from fighting legends such as Oscar De La Hoya, Miguel Cotto, Erik Morales, Marco Antonio Barrera and Juan Manuel Marquez."
As for Bradley, he too has indicated he's been fortunate enough to face off against some of boxing's most talented competitors. And it's because of this that he feels as though he's earned the right to challenge Pacquiao – the man who's universally considered to be the best pound-for-pound professional boxer on the planet.
"I am thrilled beyond compare that I am challenging Manny Pacquiao," the current WBO Light Welterweight champion recently told an assembly of reporters. "I was at the right place at the right time. But I'm also deserving of this fight. I have been a world champion since 2008. I have unified the titles twice. I'm undefeated. I'm the best in my division. I feel I made the right decision not only for my career but for my life."
And it's his contention that he will shock the world by beating Pacquiao on June 9.
You can find out if Bradley will deliver on his promise by sending your first transaction to the Philippines with Xoom.com. This will enable you to watch one of the most highly anticipated bouts free of charge. But hurry – this offer is for a limited time.
After uninspiring November showing, Pacquiao raring to go
With his match a little bit more than two weeks away, Manny Pacquiao appears ready to go 12 rounds with boxing challenger Timothy Bradley, Jr.
Strength and conditioning coach Alex Ariza told the website Boxing Scene that Pacman's training schedule is going well, though some days have been better than others.
"Every day is not going to be the best day, but it's [going] relatively well," said Ariza.
While Ariza indicated that Pacquiao is more than ready physically for the fight to go the distance, he's encouraged the Filipino boxing champion to take breaks from training so frequently so he can keep his mind free and clear.
This suggestion may stem from how Pacquiao trained for his last fight against Mexico's Juan Manuel Marquez. Even though Pacquiao won the match on November 11 of last year, threw more punches and landed more body blows – not to mention shots to the head – the 12-round fight was decided on a split-decision. After the fight, Pacquiao told reporters he may have overtrained in his preparations.
This time, Ariza said that he and Pacquiao's other trainers will make sure he doesn't go overboard with his training regimen so he can enter the squared circle fresh and well-rested. The Filipino superstar's other lead trainer, Freddie Roach, confirmed that his fighter is already in taper down mode.
"We're right on schedule," said Roach recently, according to The Philippine Star.
He added that critics of Pacquiao who believe he's washed up and that his best days are behind him will be in for a surprise come June 9th at the MGM Grand.
"He's still pound-for-pound the best fighter in the world," Roach stated.
Confirming Pacquiao's belief, Roach said the 5'6" champion wasn't himself in his last fight. He's since made the proper adjustments and has focused his training on maintaining the proper balance between rest and exercise.
You can find out for yourself if the 33-year-old Pacquiao is ready to face off against the much younger Bradley by making your first transaction with Xoom. For a limited time, first-time customers who send funds home to their families in the Philippines will receive a $55 prepaid VISA gift card to cover the cost of the pay-per-view event on June 9.
See Pacquiao/Bradley PPV for free with Xoom
In less than three weeks, the man many boxing analysts and fans view as the best pound-for-pound fighter on the planet will step inside the squared circle, looking to notch his 55th win in 59 fights. And with Xoom, you can watch the action for free.
Manny Pacquiao – or "Pac-Man" as many like to call him – will square off against Timothy Bradley Jr. on Saturday night, June 9, at the MGM Grand in Las Vegas, Nevada. Naturally, boxing enthusiasts might be willing to put up the $55 to order the pay-per-view event. However, you can watch the two go at it for free simply by signing up with Xoom.
The program is really quite simple. All you have to do is send your first money transfer to the Philippines by clicking this link and then again on the green "Get Started" button. That will take you to a screen where you'll enter your username – which is your email address – and a password.
After going through the step-by-step transaction process, check your email. Within about an hour or so after the transaction has been completed, you'll receive an email from Xoom confirming your eligibility and to inform you that the transfer has gone through. Then, simply order the June 9th Pacquiao-Bradley fight on pay-per-view with your television remote or by calling your local cable provider. Within 14 to 15 days, you should receive your $55 prepaid VISA gift card that you can use to pay for the pay-per-view event.
But don't wait – this offer is for a limited time only – extending from May 21 through June 9 – and is only available for customers who send their first transfer through this page.
As you may already know, Pacquiao has performed well in previous fights. He boasts a record of 52 wins and just three losses and 38 of his wins have been by knockout. He's also won numerous titles over his career, including flyweight, super bantamweight, featherweight light middleweight, light welterweight and light middleweight.
Timothy Bradley is no pushover, either. Though younger at 28, he's never had a loss, as his record currently stands at 27-0, six of them being KOs.
Will this be Pacquiao's latest in a long line of victories or could the younger Bradley upset the Fighting Pride of the Philippines? The world will be watching on June 9th!
Filipino remittances continue to thrive
The Philippines is routinely one of the leading countries individuals send money to, and through the first three months of the year, this standard held true.
According to a recently released report from Bangko Sentral ng Pilipinas, remittance flows to the country in March rose to $1.7 billion. That's a 5 percent increase when compared with the same month last year.
Through the first quarter of the year, total remittances sent to the Philippines amounted to $4.84 billion, which is about 5.5 percent ahead of last year's total of $4.59 billion through the same quarter.
Because Filiipinos' labor skills run the gamut, some work on land while others work at sea. As a result, the report breaks down where the remittances flows originated from. Through January to March, about $3.7 billion worth of money transfers was land-based with $1.1 billion was sea-based. Each logged an increase of 2.7 percent and 15.3 percent, respectively, on a quarter-over-quarter basis.
Amando Tetangco, governor of the BSP, noted that Filipinos were able to afford increasing their remittances home because their services were highly sought after by employers. This may be a sign the world economy is primed for recovery.
"Robust cash transfers in the first quarter of 2012 were supported by the sustained demand for Filipino manpower in various foreign labor markets," said Tetangco.
He added that based on data from the Philippine Overseas Employment Administration, more than 68,700 job orders were received during the quarter for service, production, professional and technical workers. While some of these requests came from the U.S., others were from Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Hong Kong, Taiwan and Singapore.
Thus far, BSP says the majority of remittances flowing to the Philippines originate from 10 countries: the United States, Canada, Saudi Arabia, Japan, the United Kingdom, Singapore, U.A.E., Germany, Italy and Hong Kong.
As noted by the Philippine Daily Inquirer, remittances often serve as a lifeline for Filipino families. Because the money sent home is so often used as a revenue source for consumption-related purposes – such as for fuel, food and utility payments – economic experts look to it as a key indicator for how the country's financial system is operating.
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.
