THE amount of cash sent home by using overseas Filipino works (OFWs) reached $2.Ninety one billion in March, the highest month-to-month remittance degree on file.

The quantity is predicted to help bridge the u . S . A .’s huge exchange deficit.

Bangko Sentral ng Pilipinas (BSP) records showed personal remittances rose via eleven.Eight percent in March from $2.60 billion a year earlier. Remittances totaled $2.39 billion in February. The remittances in March eclipsed the preceding file $2.82 billion in December 2016.

For the primary 3 months of the 12 months, remittances reached $7.70 billion, up 8.1 percent from $7.13 billion a year earlier.

“The increase in private remittances during the primary zone of the 12 months become pushed with the aid of the ten.5 percentage growth in transfers from land-based workers with paintings contracts of 12 months or more, making up for the 2.0 percent decrease in remittances from sea-primarily based and land-primarily based workers with work contracts of less than 365 days,” the BSP said.

Personal remittances are transfers in cash or in kind, as well as capital transfers among households.

“I assume the primary takeaway from that is that we shouldn’t be too worried approximately the change stability being inside the deficit, as the massive surplus from OFW flows will assist to offset,” stated DBS economist Gundy Cahyadi.

“Particularly true additionally because the alternate deficit has been pushed with the aid of strong import demand, more than whatever else,” he brought.

In the primary area of 2017, the country’s alternate deficit accelerated by 19.2 percent to $6.Fifty four billion from $5.Forty eight billion a year in advance.

Cash remittances

Cash remittances coursed via banks totaled $2.Sixty one billion in March, up 10.7 percent from $2.36 billion. In February, cash remittances totaled $2.16 billion.
The BSP said remittances sent by means of land-primarily based workers rose by using 12.Eight percentage to $2.1 billion. Sea-primarily based people at sent $zero.5 billion, up three.1 percent.

The primary individuals to the boom in remittances all through the month are the US, Canada, United
Arab Emirates, Japan and Hong Kong. Cash remittances rose to $6.9 billion the first sector, up 7.7 percent from a year in advance.

Cash remittances from land-based totally employees grew by way of 10.4 percent to $five.6 billion, compensating for a 2.0 percentage lower in sea-based totally people’ transfers to $1.4 billion.

The BSP stated nearly 80 percentage of coins remittances within the first zone of 2017 got here from america, Saudi Arabia, UAE, Singapore, Japan, United Kingdom, Qatar, Kuwait, Hong Kong and Canada.

Revolutionize companies’ danger management

The disaster additionally highlighted a sequence of essential shortcomings with current threat control techniques. Fixing these will require a first-rate re-think about the scope and operation of chance management across all three conventional lines of defense. Any answer is probable to include:

• A technique for describing and proudly owning risks that isn’t always confined by the firm’s structure

• A culture that sees beyond an increasing number of siloed or remoted structures and one that properly manages the risks’ wider implications and dependencies

• Better techniques for shooting, grouping, and aggregating risks within the universal hazard universe

• The capacity to take right account of excessive impact risks which have a low possibility of happening (regularly called Black Swans), now not least the ones stemming from the increasing reliance on generation and the (frequently-related) use of outsourcing

Increase client confidence in automation

Several of the causes of the crisis are related to the growing gap among enterprise and clients, maximum significantly the exponential increase in computing electricity. This has reduced notably the human interaction that clients experienced and has brought about firms protecting sizable quantities of purchaser records. Both these traits stay strong, and each have decreased customers’ level of believe.

So far, the industry has largely didn’t bridge the ensuing gap, even when automation brought about lower costs and more consistency for the patron. A foremost challenge for firms is, consequently, to steer customers they can be depended on with the private facts and that automatic recommendation and decision-making will gain them, in addition to increase the corporations’ profits.

Regaining public trust is never smooth. Restoring the enterprise’s reputation will require more profound change than the majority of enterprise activity and regulation assumes. Firms want to illustrate that they’re serving with the clients’ hobby at heart.

Boyet Murcia third is a partner of Audit & Assurance of P&A Grant Thornton is one of the leadingaAudit, Tax, Advisory, and Outsourcing corporations within the Philippines, with 21 Partners and over 850 personnel members. We’d want to listen from you! Tweet us: @PAGrantThornton, like us on Facebook: P&A Grant Thornton, and e-mail your comments to boyet.Murcia@ph.Gt.Com or pagrantthornton.Marketscomm@ph.Gt.Com. For extra data, visit our Website: http://www.Grantthornton.Com.Ph.

The public policy’s emphasis on preference and opposition in a international of low yields and growing product complexity has created extra incentives for purchasers to shop for completely on fees, as well as for companies to undermine the fee danger.

Stewart referred to Grant Thornton’s 2017 Customer Loyalty & Experience Index (CLIX), which found out the scale of this project of regaining public accept as true with. The findings display that a few agencies are making development, but there’s nevertheless an extended way to head throughout the board. Firms will need to have a sparkling approach to tackling lengthy-time period reasons of the erosion of public agree with if they need to achieve sustainable enhancements.

The have a look at found out 4 key concerns to improve patron consider and loyalty:

Align your firm’s pursuits with those of your clients

Customers could not anticipate that monetary offerings companies are on their side. Rather than depend upon the firms to handle their lawsuits, many purchasers now opt to hire claims control companies to take them thru the method, even though these are more steeply-priced. It is important, consequently, for the firms to are looking for to align their pursuits with the ones in their customers as the shortage of trust and confidence in corporations is essentially a result of the long-term divergence of pastimes from their customers.

Recast the idea of caveat emptor

Before the worldwide economic crisis, guidelines began from the basis that information asymmetry turned into the main problem. The practice is, if customers were given enough statistics, the concept of caveat emptor (client watch out) could observe and companies’ responsibilities become restricted.

However, the crisis discovered that misselling become a good deal extra widespread than assumed, and that, in some instances, firms acted against the hobbies of their customers. As it spread out, the disaster uncovered no longer handiest the diploma to which the corporations’ pursuits had diverged from that of their clients, however additionally their issue in handling the resulting dangers and conflicts of hobby. Consequently, this has substantially expanded the onus on corporations to illustrate to their clients that their merchandise are right and right for them. But these days, corporations and regulators started to argue that “the pendulum has swung too a ways” closer to the purchaser and that the precept of caveat emptor wishes to be reestablished.

However, definitely increasing the records to be had to customers isn’t always the answer. Neither are processes inclusive of robo advice (heralded as an correct, unbiased opportunity to human recommendation) probable to be the whole solution, as they do no longer provide sufficient guarantee of the underlying quality and suitability of the products.
Instead, we want a brand new technique, one which recasts the precept of caveat emptor for economic offerings in the twenty first century.

Finishing the walls is the subsequent step, and whilst paint or even tile are suitable alternatives, Advincula counseled mounting gypsum wallboard. “This additionally enables to insulate the room in opposition to sound and heat, and permits you to effortlessly dangle photographs or mirrors,” Advincula stated. The wallboard is generally connected to concrete partitions the usage of 2-centimeter thick via four-centimeter huge forums; the wooden strips are connected to the concrete, with the wallboard installed to the forums with screws.

Whatever cloth is used for the partitions, Advincula recommended a light-coloured end. “Light colours make a room seem brighter, and don’t take in warmth, that’s vital in rooms that receive direct daylight,” the building dealer explained. To make a small area seem a little large, portray one wall in a barely darker colour than the others provides some visual intensity to the gap.

Finally, the ground ought to be completed. For areas so one can have a lot of foot traffic, Advincula advocated tile or wooden parquet—wooden floors in a tile shape that can be mounted with adhesive. “Painting a floor is precisely brief. If you don’t mind redoing it every so often, it’s ok, however a tile or wooden flooring will final longer and look a good deal nicer,” Advincula stated.

While assessed values of houses are primarily based on ground place and no longer the end, turning a space exact as storage or spare area into something beneficial like every other bedroom does growth the cost of the house. More importantly, it offers extra dwelling space, that’s specifically welcome for developing households. The public recognition of monetary services, especially those in banking, has been shattered during the last decade. Several set up and famous economic institutions have fallen. What has brought about q4 from grace and what may be accomplished to regain public confidence?

According to Gavin Stewart, head of Strategy Execution on the Financial Services Group of Grant Thornton UK, globalization is the predominant perpetrator as it has opened up new markets, forcing agencies to exchange the way they perform. This new enterprise model has created new matrix reporting traces and improved both the quantity and pace of selection-making methods, encouraging risk-taking in new areas, which brought to the complexity of already complicated risks. Moreover, massive automation has transformed economic offerings from an enterprise largely dependent on human judgment to 1 predominantly pushed by way of the systematic seize and evaluation of information. The dismantling of limitations between monetary markets has made cost chains much less transparent and risk control more difficult. The ease with which consumers transfer from providers of economic offerings has made consumer retention and loyalty more demanding, affecting the lowest line as plenty as the reputations of monetary establishments.