OFW Filipino Heroes

Wednesday, July 4, 2012

S&P Raises Philippines’ Credit Rating “BB+” to 9-Year High

July 5, 2012: The Philippines' debt rating was raised to the highest level since 2003 by Standard & Poor's, taking President Benigno Aquino nearer his goal of attaining investment grade.

The nation's long-term foreign currency-denominated debt was raised one level to BB+ from BB, S&P said in a statement Wednesday (July 4, 2012). That's one step below investment grade and on a par with neighboring Indonesia. The outlook on the rating is stable.

"The foreign currency rating upgrade reflects our assessment of gradually easing fiscal vulnerability," Agost Benard, a Singapore-based analyst at Standard & Poor's, said in the statement. "The rating action also reflects the country's strengthening external position, with remittances and an expanding service export sector continuing to drive current- account surpluses."

Emerging nations from Brazil to Indonesia have won credit- rating upgrades in the past year as governments contained budget deficits. A higher assessment for the Philippines will help Aquino as he moves to boost spending to a record this year and seeks $16 billion of investment in roads, bridges and airports to shield the economy from Europe's sovereign-debt crisis.

The Philippine peso (₱) is up 4.8 percent against the dollar in 2012, the best performer in a basket of 11 major Asian currencies tracked by Bloomberg. The Philippine Stock Exchange Index climbed to a record this week. The benchmark seven-year bond yield fell to the lowest in at least two months yesterday.

'Very Positive'

S&P's recognition for the Philippines' strong external position, growth prospects and improving fiscal sector adds fundamental support to the market, Bangko Sentral ng Pilipinas Governor Amando Tetangco said yesterday after the ratings action.

Moody's Investors Service boosted its outlook on the Philippines to positive in May 2012, citing improving debt levels. Fitch Ratings raised the country's debt to one step below investment grade in June 2011.

S&P's move is "very positive because it promotes the country's macroeconomic and fiscal context," said Fitz Aclan, who helps manage 850 billion pesos ($20.4 billion) at Manila- based BDO Unibank Inc. "There could be some upward movement for our sovereign bonds, even our local bonds. This will also be positive for equities."

Aquino plans to narrow the budget shortfall to 2 percent of gross domestic product by 2013 from a target of 2.6 percent this year. The government has stepped up efforts to catch tax evaders and smugglers, and has drawn up bills aimed at increasing revenue to narrow the fiscal deficit.

"We expect further rating improvements will likely be driven by either our appraisal of improving political and institutional factors or by evidence of a sustainable structural revenue improvement," S&P said. "Conversely, we may lower the ratings if the government's commitment to fiscal consolidation weakens, resulting in rising debt, or if the external liquidity position deteriorates significantly."

The $200 billion economy grew 6.4 percent in the first quarter, the fastest pace since 2010. Aquino is aiming for an expansion of as much as 8 percent annually to cut poverty.

Monday, July 2, 2012

New list of countries where OFW are allowed to work + 32 OFW Friendly Countries added

The new list of countries that comply with Philippine government standards that protect overseas Filipino workers (OFW) does not include six top OFW destinations.

In May 2011, the POEA's Governing Board (GB) Resolution No. 2 listing 76 countries those were OFW-friendly.

Resolution No. 2 said, "In the meantime, the deployment of OFWs to these countries [not included in the list] shall continue except where deployment ban is in effect."

OFW-friendly countries

According to Section 3 of RA 10022, "the State shall allow the deployment of overseas Filipino workers only in countries where the rights of Filipino migrant workers are protected."

The section provides that the Philippines will allow deployment if the host country:

has existing labor and social laws protecting the rights of workers;

is a signatory to and/or a ratifier of multilateral conventions, declarations or resolutions relating to the protection of workers; and

has conducted a bilateral agreement or arrangement with the government on the protection of the rights of OFWs.

The POEA will publish the resolutions in two newspapers of general circulation and will take effect 15 days after publication.

Baldoz said the Philippine government can consider as 'compliant' countries taking positive, concrete measures to protect the rights of migrant workers based on the provisions of RA 10022.

She clarified that non-compliant countries may push for bilateral agreements with the Philippines to address the "non-compliances."

She also said Filipino workers can still be deployed to companies with international operations in non-compliant "unless there is an existing ban to that country.

The Philippine government has an existing deployment ban to conflict affected countries such as:

  1. Lebanon
  2. Nigeria
  3. Somalia
  4. Syria
  5. Iraq (Partial ban)
  6. Afghanistan (partial ban)

As of July 03, 2012, Philippine labor officials have added 32 countries - including conflict-hit Syria - to the list of territories that meet Philippine standards on the protection of overseas Filipino workers (OFWs).

According to the Department of Labor and Employment (DOLE), the Philippine Overseas Employment Administration (POEA) Governing Board approved a resolution adding the 32 countries to the list.

 "Under this qualification, the POEA may continue to deploy OFWs to these countries and the Department of Foreign Affairs will continue to negotiate for the better protection of household service workers even beyond 12 April 2012," Labor Secretary and POEA Governing Board chairperson Rosalinda Baldoz said in a news release.

Those who signed the resolution were Baldoz, POEA Administrator Hans Leo Cacdac as governing board vice chairman, and Leonardo de Ocampo, governing board member.

Baldoz listed the new 32 OFW countries as:

  1. Algeria
  2. Bahrain
  3. Bangladesh
  4. Bhutan
  5. Botswana
  6. China
  7. Dominican Republic
  8. East Timor/Timor Leste
  9. Iran
  10. Saudi Arabia
  11. Kiribati
  12. Kuwait
  13. Kyrgyz Republic/Kyrgyzstan
  14. Lesotho
  15. Maldives
  16. Micronesia
  17. Mongolia
  18. Montenegro
  19. Mozambique
  20. Panama
  21. Papua New Guinea
  22. Qatar
  23. Serbia
  24. Solomon Islands
  25. Sri Lanka
  26. Syria (partial ban lifted)
  27. Swaziland
  28. Tajikistan
  29. Turkmenistan
  30. United Arab Emirates
  31. Yemen, and
  32. Zambia.

Baldoz said these countries have been certified by the DFA last May 24, 2012 after a recommendation was made by the Congressional Committee on Overseas Welfare Affairs chaired by Rep. Walden Bello.

Based on the recommendation, the countries were found "to be compliant without prejudice to negotiations for the protection of household service workers."

 "The 32 countries bring to 184 the total number of countries already certified by the DFA out of 203 countries. Only 19 countries now remain to be non-certified," the DOLE said.

 So far, the countries still not certified as OFW-friendly are:

  1. Afghanistan
  2. Chad
  3. Cuba
  4. Democratic People's Republic of Korea/North Korea,
  5. Eritrea
  6. Haiti
  7. Iraq
  8. Lebanon
  9. Libya
  10. Mali
  11. Mauritania
  12. Nepal
  13. Niger
  14. Palestine
  15. Somalia
  16. Uzbekistan
  17. Zimbabwe
  18. Monaco,
  19. Vatican (Holy See)

Out of these 19 countries, the Board has yet to receive the certifications for the Vatican and Monaco, Baldoz explained.

The certifications for Libya and Iraq are currently being reviewed amid latest developments that may lead to the amendment of their respective certifications.

 "The POEA Governing Board notes that the DFA has yet to complete the review of its previous certifications issued for Iraq and Libya," Baldoz said.

Complete list of Countries where Overseas Filipino Workers (OFW) are allowed to work (As of July 03, 2012)

  1. Albania
  2. Algeria
  3. Andorra
  4. Angola
  5. Antigua and Barbuda
  6. Argentina
  7. Armenia
  8. Australia
  9. Austria
  10. Azerbaijan
  11. Bahamas
  12. Bahrain
  13. Bangladesh
  14. Barbados
  15. Belarus
  16. Belgium
  17. Belize
  18. Benin
  19. Bhutan
  20. Bolivia
  21. Bosnia and Herzegovina
  22. Botswana
  23. Brazil
  24. Brunei
  25. Bulgaria
  26. Burkina Faso
  27. Burma
  28. Burundi
  29. Cambodia
  30. Cameroon
  31. Canada
  32. Cape Verde
  33. Central African Republic
  34. Chile
  35. China
  36. Colombia
  37. Comoros
  38. Congo, Democratic Republic of the
  39. Congo, Republic of the
  40. Costa Rica
  41. Cote d'Ivoire
  42. Croatia
  43. Cyprus
  44. Czech Republic
  45. Denmark
  46. Djibouti
  47. Dominica
  48. Dominican Republic
  49. East Timor (Timor-Leste)
  50. Ecuador
  51. Egypt
  52. El Salvador
  53. Equatorial Guinea
  54. Estonia
  55. Ethiopia
  56. Fiji
  57. Finland
  58. France
  59. Gabon
  60. Gambia, The
  61. Georgia
  62. Germany
  63. Ghana
  64. Greece
  65. Grenada
  66. Guatemala
  67. Guinea
  68. Guinea-Bissau
  69. Guyana
  70. Honduras
  71. Hong Kong
  72. Hungary
  73. Iceland
  74. India
  75. Indonesia
  76. Iran
  77. Ireland
  78. Israel
  79. Italy
  80. Jamaica
  81. Japan
  82. Jordan
  83. Kazakhstan
  84. Kenya
  85. Kiribati
  86. Kosovo
  87. Kuwait
  88. Kyrgyzstan
  89. Laos
  90. Latvia
  91. Lesotho
  92. Liberia
  93. Liechtenstein
  94. Lithuania
  95. Luxembourg
  96. Macau
  97. Macedonia
  98. Madagascar
  99. Malawi
  100. Malaysia
  101. Maldives
  102. Malta
  103. Marshall Islands
  104. Mauritius
  105. Mexico (United States of Mexico)
  106. Micronesia
  107. Moldova
  108. Mongolia
  109. Montenegro
  110. Morocco
  111. Mozambique
  112. Namibia
  113. Nauru
  114. Netherlands
  115. Netherlands Antilles
  116. New Zealand
  117. Nicaragua
  118. Nigeria (partial ban lifted)
  119. Norway
  120. Oman
  121. Pakistan
  122. Palau
  123. Panama
  124. Papua New Guinea
  125. Paraguay
  126. Peru
  127. Philippines
  128. Poland
  129. Portugal
  130. Qatar
  131. Romania
  132. Russia
  133. Rwanda
  134. Saint Kitts and Nevis
  135. Saint Lucia
  136. Saint Vincent and the Grenadines
  137. Samoa
  138. San Marino
  139. Sao Tome and Principe
  140. Saudi Arabia
  141. Senegal
  142. Serbia
  143. Seychelles
  144. Sierra Leone
  145. Singapore
  146. Slovakia
  147. Slovenia
  148. Solomon Islands
  149. South Africa
  150. South Korea (Republic of Korea)
  151. South Sudan
  152. Spain
  153. Sri Lanka
  154. Sudan
  155. Suriname
  156. Swaziland
  157. Sweden
  158. Switzerland
  159. Syria
  160. Taiwan
  161. Tajikistan
  162. Tanzania
  163. Thailand
  164. Timor-Leste
  165. Togo
  166. Tonga
  167. Trinidad and Tobago
  168. Tunisia
  169. Turkey
  170. Turkmenistan
  171. Tuvalu
  172. Uganda
  173. Ukraine
  174. United Arab Emirates
  175. United Kingdom
  176. United States of America (USA)
  177. Uruguay
  178. Vanuatu
  179. Venezuela
  180. Vietnam
  181. Yemen
  182. Zambia

In order for the listed 19 listed countries to be open for OFW, those countries must have to comply the standard required by the Philippines government.

East Asian countries like Japan and South Korea who have a construction business in the  listed ban countries for OFW are not allowed to hire any Filipinos professionals and skilled workers.

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