The Philippines is world's No. 4 biggest remittance nation

Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the “gotta have it” scale. — Zig Ziglar

When I was young I thought that money was the most important thing in life; now that I am old I know that it is.  — Oscar Wilde

KOTA KINABALU, Sabah — Next only to India, China and Mexico, the Philippines has emerged as the world’s fourth largest recipient of remittances by overseas workers with the 2011 total reaching a record US$20.1 billion. Much of these remittances — the lifeblood of the Philippine economy — passes through financial firms like Dallas-based and New York-listed MoneyGram International, the world’s second largest money transfer company with 275,000 agent locations in 194 countries and territories.

Philippine STAR recently had an exclusive interview with MoneyGram Philippines country manager Dr. Alex Chan Lim after the company’s promotional campaign among the huge overseas Filipino workers (OFWs) community in Kota Kinabalu City in Sabah, a resource-rich federal state incorporated into Malaysia by its British colonizers in 1963 despite the Philippines’ longstanding but now dormant sovereignty claim.

Excerpts from the interview:

PHILIPPINE STAR: The Bangko Sentral said total remittances by overseas Filipino workers last year totalled $20.1 billion dollars, what are your expectations of the remittances for this 2012?

DR. ALEX CHAN LIM: The growth rate of OFW remittances for this year is expected to range between five and seven percent. We are quite optimistic.

Which countries are the top sources of OFW remittances?

The top nations where OFWs send the most money to the Philippines are the United States, Saudi Arabia, Malaysia, Canada, and then the rest of the world.

So our neighbor Malaysia is a major source of OFW remittances, is that why your company is doing promotions here?

Here in Sabah state alone, there are already 300,000 Filipinos mostly working in the plantations, construction, while some work as domestic helpers or entertainers. In our June 1 MoneyGram event for OFWs at Buhavan Square, the Elevate band, which performed that afternoon, has a 25-month contract at Kota Kinabalu’s Lava Bar. They also performed at the Hilton Hotel in Kuala Lumpur. There are more overseas Filipino workers in Malaysia. Among foreigners in Malaysia, Filipinos send the most remittances via MoneyGram-accredited agents and outlets. OFWs can look up where our agents are and what our latest promos are on MoneyGram.com or on our Facebook page.

For young people and even others who hope to get jobs abroad, what college degrees or educational training do you advise them to pursue?

The courses, which are in demand right now may not be in demand four to five years from now. Before, physical therapy, care-giving, nursing and electronics were in demand overseas but now not anymore. I guess, whatever course or educational training you pursue, just always do your best to excel.

It seems that our much-vaunted leadership in English proficiency seems eroding in recent years, especially with the major TV stations shifting to Tagalog primetime newscasts and even dubbing Hollywood films into Tagalog. Do you think we should promote better English-language education?

I agree that English language proficiency is very important. However, being fluent in English alone is not enough. You also need to focus and have the determination to do your job well.

Are you suggesting that more than English proficiency and technical skills, it’s also important to enhance your work attitude to be more successful?

Yes. This not only applies to OFWs, but to Filipinos in general. If you’re passionate and dedicated in what you’re doing you can be successful in life. Always work hard and be honest.

Do you agree that one of the challenges to our OFWs is how to be able to save part of their earnings?

It’s very important for everyone, especially OFWs, to save money. The sender shouldn’t be the only one to do it; the recipient should learn how to save, too. With MoneyGram, OFWs can send their money to their own Philippine bank savings account or to the bank accounts of their dependents. In doing so, they could keep part of the remittances in the bank as savings.

Why do the dependents find it hard to save for the rainy day? What are their top expenditures?

Maybe because they didn’t work hard for it. Most remittances are used to pay for their kids’ schooling and basic necessities.

As country manager of MoneyGram Philippines, I heard you’ve traveled to many places worldwide to observe OFWs and their needs. Do you think we in the Philippines don’t fully appreciate their sacrifices?

I don’t want to think of it that way, but there are actually cases like that. Although many of us know how hard it is to work overseas. Here in Sabah, I’ve heard of stories of OFWs who’ve sacrificed a lot just so they could provide for their families.

Who are the unforgettable OFWs you’ve met and where?

In Miami, I’ve met many OFWs who work in cruise ships, and every time the ships dock, they remit their tips at MoneyGram-accredited agents before continuing on their voyages. I’ve also met a hardworking Filipina working as a housemaid in Cyprus. For 25 years, she sent all her earnings to raise her children, and now she still remitting all her earnings, but this time, to raise her grandchildren. We should be very thankful to the OFWs not only for helping their loved ones, but for supporting the Philippine economy all these years.

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