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Protecting Overseas Filipino Workers

Last week, media outlets reported a World Bank study which praised the Philippines’ governance framework with respect to migrant workers. The report of the World Bank Group which was contained in their 2017 study entitled, “Migration to Opportunity: Overcoming Barriers to Labor Mobility in Southeast Asia” considered the Philippines as a model for policies concerning overseas workers.

The Philippine Stock Exchange Index (PSEI) closed Monday with a record high of 8,312.93, the highest ever. Leading the rise were stocks in services, financials, holding firms, property, and industrials. Only two sectors – mining and oil – were not part of the rising tide.

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Money transfer company WorldRemit analyzed internal data of who sends money to its top 10 recipient countries. It said Monday that Filipinos in Germany were the most generous, sending home on average $32.5 (P1,621) more than usual before or after Valentine’s Day week last year.

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After years spent languishing behind its neighbors, the Philippines is finally catching up with its fellow Asian tiger economies as it posts some of the fastest growth rates in the world.

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Buoyed by the World Bank forecast on the country’s strong growth, the Aquino administration has pledged to generate more jobs and improve the quality of life of Filipinos in the remaining months in office.

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World Bank (WB) Group President Robert B. Zoellick arrived in the Philippines last Tuesday to strengthen its partnership with the country. While in the Philippines, Zoellick will meet President Benigno S. Aquino III as well as the economic team led by Finance Secretary Cesar A.V. Purisima.

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