0.15% Documentary Stamp Tax in Western Union

Western Union will start charging 0.15% tax on all incoming remittances from abroad “sometime this June 2008.”

Overseas Filipino Workers and their families will surely be affected by this.

Read it here: Western Union to charge 0.15% tax on remittances soon

The announcement from Western Union below.

Peso to hit P37.50 in 2008, says CitiGroup

The Philippine Peso might reach P41.50 to the dollar by end-2007, and can further appreciate to P37.50 next year, according to CitiGroup Inc.

The global banking giant said the continuing rise of the peso will be caused by the robust flow of remittances from overseas Filipinos, a weak US dollar, an optimistic economic outlook for the country, and sustained government financial consolidation.

The same report noted, however, that the peso’s rise might be tempered in 2009 partly due to the upcoming presidential election in 2010.

The report published by CitiGroup entitled “Asia economic prospects for 2008″ says it is most bullish on the Philippine peso, the Indian rupee and Chinese renminbi among emerging Asian currencies for the coming years.

The prediction comes in the heels of another estimate by the chief investment officer of Sunlife of Canada who expects the peso to rise to P38 by 2008.

On December 6, the Philippine currency closed at a 7 1/2 year high of P41.88 to the dollar supported by strong remittances from overseas Filipino workers ahead of the Christmas holiday.

20,000 jobs in Guam may open to Filipinos

According to a GMANews.tv report, as much as 20,000 jobs are waiting for Filipinos in Guam, a United States territory, in the next 3 to 5 years.

Without a doubt, the cheap but skilled Filipino manpower is still in great demand in the international market.

Plans to build new base facilities are underway in Guam as the US marines prepare to relocate from Okinawa to the island state by the year 2010.

The decision of the US Armed Forces to leave Okinawa would be a windfall for Filipino workers known for their construction prowess.

Construction will start next year to the tune of US$12-billion for the relocation of the US marine base from Okinawa to Guam.

The island state will need personnel to man the bases like maintenance and operations work, catering and cleaning, and all necessary work needed to operate a huge US base that will accommodate 30,000 marines and their dependents.

The POEA will control the outflow of Filipino workers to Guam and the private recruitment agencies will work with licensed international contractors in the recruitment and training of competent workers.