Joint conference on remittances
- Welcome remarks
Liqun Jin
Vice President, Operations 1
Asian Development Bank
September 12, 2005
Inter-American Development Bank
JOINT CONFERENCE ON REMITTANCES
12-13 September 2005
ADB, Manila, Philippines
Welcome Remarks
Liqun Jin
Vice President, Operations 1, ADB
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Welcome Remarks
by Liqun Jin, Vice President, Operations 1, ADB
During the Opening Ceremonies of the Joint Conference on Remittances
ADB Headquarters, Manila, Philippines
12 September 2005
Your Excellencies,
Distinguished guests,
Colleagues,
Ladies and Gentlemen,
It gives me great pleasure to welcome our guests who have come from at
least 43 countries across Asia, North America, Europe, Latin America, Australia,
and Africa to share with us their experiences and insights during this Joint
Conference on Remittances.
I am very pleased to note the level of participation that the conference
has managed to achieve. We are looking forward to the contribution from 37
experts from across the globe and over 200 conference participants during this
two-day conference. This reflects, I think, the growing attention to the importance
of the role of international remittances.
The Asian Development Bank is honored to host this conference in its
headquarters in Manila.
We are pleased to be joined by the Multilateral
Investment Fund of the Inter-American Development Bank and the United
Nations Development Programme in making this conference possible. At varying
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levels, these three institutions have independently pursued various projects and
engagements within the remittance industry. Through this conference, we hope
to build on our individual efforts and open avenues for future collaborative work
on the area of remittances.
We, at the Asian Development Bank, recognize the value of sharing crossregional experiences, especially with Latin America. Together, the Asia Pacific
and Latin American regions account for a major bulk of the remittance market,
making regional integration and cooperation extremely valuable.
The IDB, for its part, has made significant progress on studying and
harnessing remittances potential for development in Latin America in the past
several years. ADB wishes to acknowledge the personal leadership of Mr.
Donald Terry, head of IDB’s Multilateral Investment Fund, who will deliver our
keynote speech. In many respects, we have much to learn from the remittance
industry in Latin America.
In learning from the Latin American experience, however, it is also
instructive to be conscious of some fundamental differences between Asia and
Latin America and of the diversity that exists across regions as we seek
meaningful lessons from the experiences that have worked for others in the area
of remittances.
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Latin America has the benefit of being a relatively homogenous region in
many respects. Its peoples share two major languages – Spanish and
Portuguese and a common culture. It is the most urbanized region in the world,
with more than 70% of the population living in and around cities. It has one major
migrant destination, the United States, with alternative destinations emerging in
Japan and Western Europe.
As a region accounting for 61% of the world’s population and 30% of the
world’s total land area, Asia, on the other hand, is home to a very diverse range
of peoples, cultures, economies and needs. The languages spoken in the region
cover at least eight families of languages. There is no single predominant faith or
culture in the region, and the population is largely concentrated in rural areas
(62%).
More importantly, its migrants are spread in at least 160 countries
worldwide. Beyond this diversity between the two regions is the fact that both are
facing development challenges and it is in facing these challenges that
remittances can play a significant role.
For countries in Asia and the Pacific region, this conference is significant
in the light of its current position as a major source of migrants, accounting for
more than half the world’s migrants. For many of the countries in the region,
remittances provide the lifeblood of the economy. The $300 average remittance
sent by their relatives from abroad helps many families in the bottom third of the
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population meet their daily sustenance. This reality underscores the importance
of remittances for poverty reduction and achieving the Millennium Development
Goals.
Of the estimated US $127 billion in formal remittances worldwide in 2004,
42% or some US$53 billion of these are accounted for by Asia alone.
Four of
the top five recipient countries -- India, Philippines, China and Pakistan -- are in
Asia.
The Asian Development Bank stepped up its efforts in addressing
remittances concerns in the past two years, making substantial research and
policy development initiatives. We have conducted projects studying remittance
flows in the Philippines, Southeast Asia and the South Pacific.
The Bank recognizes that a crucial direction for efforts in Asia must be the
development of a better knowledge base with regard to remittances flows. As
such, we see our role in the region as a focal point for research and development
of remittances in Asia.
The Asian Development Bank, the Multilateral Investment Fund of the
Inter-American Development Bank, and the United Nations Development
Programme recognize the potential impact of remittance flows for poverty
alleviation and development. This conference was conceived to enable us to
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jointly find ways by which we can jointly find ways at improving remittance
policies and procedures for maximum developmental impact.
In the next two days, the latest data and information on remittances from
its most vibrant markets in Latin America and the Asia Pacific will be presented to
the participants.
Measurement standards and partnerships in remittance
research will be discussed as we seek harmonization of data standards and
collection methodologies.
You will also learn about significant inroads made in improving the
efficiency and cost of sending remittances. The role of new technologies in
facilitating remittance flows, such as through mobile phones and internetbanking, among others, will figure in the discussions tomorrow.
Some of our speakers will also share information about how remittances
address the basic needs of community members such as housing, food, and
education.
Experiences will also be shared on how Microfinance banks and
cooperatives can effectively channel remittances to rural and “unbanked”
communities.
Remittances are an essential and major part of the budgets of migrantsending families. At the national level, remittances comprise a large share of
countries’ gross domestic product. In the host countries, migrants’ contribution to
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the economy and industries are considerable. Beyond these economic benefits,
however, also lie certain social considerations that affect the lives of migrants
and their families. It is for this reason that we have to exert greater effort in
ensuring that the sacrifices of our migrants are ultimately translated into benefits
for them, their families, and the community at large.
I am looking forward to a most interesting dialogue and exchange of ideas
during the course of the Joint Conference on Remittances. We hope that when
we conclude this conference tomorrow, our collective commitment will be further
strengthened to transform remittances into a sustainable input to poverty
alleviation and development efforts.
Thank you and I look forward to an interesting exchange of views with you
during this conference.
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Inter-American Development Bank
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