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01-02-2011, 10:32 AM #1
Remittances taking money from the economy
http://www.sltrib.com/sltrib/home/50881 ... d.html.csp
Do immigrants receive more tax money than they give?
By Steven Oberbeck
The Salt Lake Tribune
Published Jan 1, 2011 10:46PM
Updated Jan 1, 2011 10:47PM
Whenever she can, Irma Morantes sends $100 or so to help out her mother, who still lives in Mexico.
The frequency of her gifts, though, depends on whether Morantes is working at the time and can spare the money. “If I’m not working, then my husband and I will only send money on her birthday or for a special occasion.–Claiming nobody is listening to your phone calls is irrelevant – computers do and they are not being destroyed afterwards. Why build a storage facility for stuff nobody listens to?.” Martin Armstrong
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01-02-2011, 12:05 PM #2
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The Philippines is funded almost entirely on remittances. Its how the average family lives getting 1 or 2 family members abroad especially to the US and UK to work and send money back to the Philippines for the family.
I live in the Philippines with my wife as we process her spousal visa right now. There is one bank thats majority of its regular business here is remittances. I go to the bank because its the only one in my town I can take out a chunk of money from my US account very cheap and its always packed with filipino's with remittance collection slips waiting on that money. here on every street block you'll find 2-3 places for remittances.
There are a few countries like the Philippines that are pretty much funded off of remittances. 30% of the national income is from remittances and another 35% in relation to sending filipino's overseas to work.
China doesn't have the problem though as they require you to first transfer your yuan into dollars and then remit dollars. They don't let their money travel abroad so easily.
Laura Loomer - Woke up this morning to a @nytimes article...
03-27-2024, 11:36 PM in General Discussion