Events

7th ADB-ADBI-OECD-ILO Roundtable on Labor Migration: Finance and Technology to Increase the Positive Impact of Migration on Home Countries

18 January 2017 to 19 January 2017

Remittances are one of the driving factors for labor migration, especially within Asia. Of the $581 billion global remittances recorded in 2015, around 75% or $432 billion came from developing countries, particularly East Asia, the Pacific, and South Asia. Remittances by migrants from developing countries are expected to grow by 4.1% to $484 billion in 2018. Such inflows are significant not only for their size, but also for their development impact. Remittances increase household income that can be spent on social services such as education and health. They can also contribute to expansion in financial services and inclusive finance. According to UNCTAD, a 10% rise in remittances may lead to a 3.5% reduction in poverty.

Unfortunately, the impact of remittances is not fully realized because of the high transfer costs that substantially reduce migrants’ earnings and prevent the efficient flow of remittances. Although the costs of sending funds have decreased, they still remain substantial at 14–20% of remittances. Remittances costs in Asia have gone down to 8%, but are still above the global average (7.4%) and the targets set in the sustainable development goals (3% by 2030). Reducing the costs of remittances is central to reaping development gains. Evidence shows that a 5% decline in remittance costs will generate $15 billion in savings.

While migrants own their remittances and they decide, with their families, how to spend them, there is ample scope to enhance support for migrant needs and the development of the country of origin. One possibility is to develop formal financial instruments that link loans and financial services to formal remittances. For example, diaspora associations and other organizations can provide information to migrants and their families on how to access financial tools and options (e.g., diaspora bonds and diaspora funds) in order to channel their private funds to productive investments. Another option is for the government to integrate remittance policies into national polices related to financial inclusion, tax and credit, capital market, and financial services. New technologies and innovations should be provided to reduce costs of remittances. ICT can be used to make labor migration channels and remittances more accessible, facilitate job matching, and provide support to migrant workers.

This learning event examined trends in regional migration, labor market supply and demand, and remittance flows; recent policy changes and their impact on labor migration with a focus on bilateral agreements, especially those addressing compliance and illegal employment; remittance channels and policies that specifically affect their costs and accessibility as well as those that impact financial literacy and financial inclusion of both migrants and their households and; The use of ICT to improve the experiences for all stakeholders.

Partners: 
ADBI, OECD, ILO
Venue: 
Manila
Philippines
Topics: 
Poverty,
Social Development and Protection
ADB Organizer: 
Social Development Thematic Group
http://k-learn.adb.org/sites/default/files/course/2017/Final%20agenda%20-%207th%20Migration%20RTD.pdf
Program and Learning Materials: 
Date Session / Activity Presentation Material Speaker(s)
18 Jan 2017 Welcome Remarks Juzhong Zhuang
18 Jan 2017 Welcome Remarks Bokhwan Yu
18 Jan 2017 Session 1: Trends and Outlook for Labor Migration, Remittances, and Labor Demand in Asia in 2015-2016 International Migration Outlook 2016 and Recent Labour Migration Trends to OECD Countries from Asia
Migration from Asia to OECD countries continues to increase, while intra-European Union migration remains at high levels. In addition, there...
Jean-Christophe Dumont
18 Jan 2017 Session 1: Trends and Outlook for Labor Migration, Remittances, and Labor Demand in Asia in 2015-2016 Labour Migration in Asia: Trends and Developments
Labour migration flows in Asia remained stable in 2015. However, there are still major issues that need to be resolved. Foremost of these...
Nilim Baruah
18 Jan 2017 Session 1: Trends and Outlook for Labor Migration, Remittances, and Labor Demand in Asia in 2015-2016 Remittance in Asia: Key Issues and Policy Challenges
Remittances play an important role in many economies. They are the main source of foreign exchange in many developing countries. They have...
Guntur Sugiyarto
18 Jan 2017 Session 2: Recent Changes in Labor Migration Policies Recent Changes in Labor Migration Policies in Japan, Malaysia, Myanmar, the People's Republic of China, Philippines and Thailand
18 Jan 2017 Session 3: Promoting low-cost formal remittance channels and financial literacy Promoting Low-cost Formal Remittance Channels and Financial Literacy
In the Philippines, remittances have become very important, given the increasing number of overseas Filipino workers (OFW) and the amount...
Pia Bernadette Roman Tayag
18 Jan 2017 Session 3: Promoting Low-cost Formal Remittance Channels and Financial Literacy Remittances: Experiences & Lessons from the AFI Network
Remittances have become an important souce of foreign funds for many countries. It has also helped reduce poverty and  improve&...
Eliki Boletawa
18 Jan 2017 Session 3: Promoting Low-cost Formal Remittance Channels and Financial Literacy Cross-border Remittances: Promoting Low-cost Remittance Channels
Remittances have become larger than official development assistance. They are also more stable than capital flows. This presentation...
Isaku Endo
18 Jan 2017 Regional Presentations Promoting Low-cost Formal Remittance Channels and Financial Literacy in Pakistan
18 Jan 2017 Regional Presentations Labor Migration in Mongolia
Date Session / Activity Presentation Material Speaker(s)
19 Jan 2017 Session 4: Mobilizing Diaspora and Increasing the Development Impact of Remittances Mobilizing Diaspora and Increasing the Development Impact of Remittances Emb. Julio Camarena Villaseñor
19 Jan 2017 Session 4: Mobilizing Diaspora and Increasing the Development Impact of Remittances Engaging the Diaspora and Migrant Workers for Home Country Development: Diaspora Finance and Remittances
Various factors need to be seriously considered when desiging policies on migration and remittances. To ensure their effectiveness, governments...
Piyasiri Wickramasekara
19 Jan 2017 Session 4: Mobilizing Diaspora and Increasing the Development Impact of Remittances Homestrings Diaspora Bond Programme
Remittances globally are large. They continue to grow, but diaspora needs innovative alternative investment instruments.This presentation...
Eric Guichard
19 Jan 2017 Session 5: New Technology to Increase the Returns to Labour Migration and Remittances Evolving International Remittance Technologies
The international  remttance industry is undergoing transformation. While new players enter the space, inefficiencies remain, such as...
Diana Boncheva
19 Jan 2017 Session 5: New Technology to Increase the Returns to Labour Migration and Remittances Job Matching Platforms for International Migration and Mobility in OECD Countries
International  job matching platforms help both employers and candidates. It increases the pool of workers for employers and provides...
Jonathan Chaloff
19 Jan 2017 Regional Presentations Labor Migration and Remittances in Bangladesh
19 Jan 2017 Regional Presentations Current Development and Future Perspectives for Foreign Workforce in Taipei,China
19 Jan 2017 Regional Presentations Development Trends of Chinese Overseas Migrant Workers
19 Jan 2017 Session 6: Managing Labor Migration: Technology Workers Managing Labour Migration: Technology Workers
Global and local trends highly influence labour migration. Countries take different approaches and initiatives, leading to frequent changes...
Mark Buchanan
19 Jan 2017 Managing Labour Migration: Technology Workers Migration Advisory Committee: Review of Tier 2 Maria del Castillo
19 Jan 2017 Managing Labour Migration: Technology Workers Japan and Technology Workers from India: Working through Institutional Stickiness
The Japanese government and business sector addressed the shortage of technology workers in various ways. These include accommodating foreigners...
Anthony D'Costa
19 Jan 2017 Videos Remittance Flows and How they are Affected by the Labor Market and Opportunities in Destination Countries
Migration is highly influenced by the changing demography, economic situation, and policies of destination countries. Those with ageing...
Guntur Sugiyarto
19 Jan 2017 Videos The Impact of Financial Inclusion and Financial Sector Development on Formal Remittances
Remittance is an important economic resource. It is a catalyst of financial inclusion for it enables more users to access channels to...
Eliki Boletawa
19 Jan 2017 Videos Using Technology to Increase Returns to Labor and Remittances
Technology can be used in several ways to improve the remittance process. It can be used to decrease costs by using systems that make the...
Diana Boncheva
19 Jan 2017 Videos Current Trends, Risks, and Challenges in Global IT Mobility
Immigation policies in most countries around the world have toughened up. Some have set up barriers that affect IT workers in particular...
Mark Buchanan
19 Jan 2017 videos Factors Shaping the Flows and Policies for Technology Workers
Many factors affect policies on migration and technology workers. One of these is the uneven development among countries, demographic and...
Anthony D'Costa
19 Jan 2017 Videos Promoting Low-cost Formal Remittance Channels and Financial Literacy
Many factors affect remittance cost. These include level of competition, payment system infrastructure, and the regulatory frameworks. Financial...
Isaku Endo
19 Jan 2017 Closing Remarks Nilim Baruah