EU, Swiss aid to teach Philippine overseas workers to save
MANILA (AFP) - The European Union said on Thursday it would help fund a project to encourage the families of millions of Filipino overseas workers to save money and use it to develop their home towns.
While Filipino expatriates remitted close to 1.03 trillion pesos (S$29.8 billion) to the Philippines last year, only a trickle went into savings accounts, according to United Nations, EU and Filipino officials at the project launch.
"If you look at the Philippines, it's obvious that migration has been a tremendous success story and is driving the economy and its growth... although it has also some issues that need to be addressed," said Hans Farnhammer, operations chief of the EU delegation to the Philippines.
Rebeca Grynspan, associate administrator for the UN Development Programme, said the Philippines was one of eight countries supplying labour overseas that would get funding over the next three years under an US$10 million global "migration and development initiative".