Singapore is set to overtake Las Vegas as the world’s second-largest gambling hub this year

Singapore is set to overtake Las Vegas as the world’s second-largest gambling hub this year, a US gaming industry head said Tuesday, as Asia cements its place as a major betting market.

Singapore has emerged as Asia’s hottest new gambling destination with a revamped cityscape and billions of dollars pouring into the economy, after the opening of two resort casinos in 2010.

The strong growth came after Macau overtook the Las Vegas Strip as the world’s biggest gaming hub in 2006 and now boasts a gaming market almost four times as large as that of Vegas, thanks to burgeoning numbers of wealthy Asians.

The two resort casinos in Singapore posted $5.1 billion in gaming revenues in 2010, a figure forecast to rise to $6.4 billion this year, according to Frank Fahrenkopf, president of the American Gaming Association.

A report citing research by the Royal Bank of Scotland has suggested Las Vegas will take $6.2 billion this year.

“Now more than a year old, the two integrated resorts in Singapore have exceeded all expectations and turned the nation into Asia’s second global gaming superpower,” said Fahrenkopf.

“The country’s gaming market will likely overtake Las Vegas as the world’s second-largest gaming center as early as this year,” he told a news conference on the sidelines of the Global Gaming Expo Asia, which opened Tuesday in Macau.

Resorts World Sentosa

 

Marina Bay Sands

The first Singapore casino opened in Malaysian-controlled Resorts World Sentosa in February 2010, with US-based Las Vegas Sands following two months later as the world economy was still clawing itself out of recession.

Asia’s strong growth in the gaming industry stands in sharp contrast to US venues such as the Las Vegas Strip, previously a byword for gambling but which is now suffering the effects of the global downturn.

The Sahara, an iconic Las Vegas hotel that once hosted names such as Elvis Presley, Jerry Lewis, Frank Sinatra and the Beatles, closed its doors last month, even as many Asian casinos are planning expansions.

Fahrenkopf said the potential in other Asian countries would also help spur growth, with several multibillion-dollar casino development projects due for completion over the next two years.

“Other developments in Asia are helping to clearly establish the region as the hottest gaming market in the world,” he said, noting the sector is expanding at record levels in Cambodia and Laos, while Sri Lanka is set to implement legal gambling next year.

He said the rapid growth in Singapore would not threaten Macau’s position, saying the former Portuguese colony has seen “dramatic growth in almost every measurable category,” after it opened its doors to foreign competition.

But he urged Macau to deal with labor shortage and infrastructure issues, as well as a cap of 5,500 gaming tables allowed before 2013, which could dampen growth.
Macau’s gaming scene was monopolized by tycoon Stanley Ho for decades until it opened to foreign competition in 2002. Since then, a stream of Las Vegas-based gaming companies has flooded into the southern Chinese city.

Gambling revenue in Macau, the only place in China where casinos are legal, surged to a new record in May with a 42 percent jump year on year at 24.31 billion patacas ($3 billion) – a record high for the fourth month in a row.

“Macau should continue to benefit from strong momentum after the successful opening of Galaxy Macau casino, which is driving visitations,” JP Morgan said in reference to the city’s newest resort casino, according to Dow Jones Newswires.

Both Casinos employs more than 20,000 people.

source: Agence France-Presse

Labor Day and Mother's Day Issue of BAGONG BAYANI Magazine (May 2011)

The Labor Day and Mother's Day Issue (MAY 2011) of Bagong Bayani Magazine with RAMON PADIERNOS, Philippines' Pride in the High Octane World of Digital Technology on the cover, is now out and available for FREE, as usual!

BAGONG BAYANI (MODERN-DAY HERO) MAGAZINE is published monthly in English and Filipino by Salomon Publishing Singapore Pte. Ltd., this glossy, laminated and perfect bound magazine is distributed for FREE, at the Philippine Embassy, Filipino Stores and Restaurants, Remittance Centres, Churches, MRT stations amongst its distribution points.

Salomon publishing is encouraging everyone to share the magazine to the Filipino community here in Singapore.

Housing Development Board advise on Steps Involved in Renting a HDB flat

HDB flats sold under the Home Ownership Scheme are meant for owner-occupation by the flat owners and their families. However flat owners may sublet their whole flat or spare bedrooms if they meet the eligibility conditions.

Singapore citizens, Singapore permanent residents and non-citizens may rent a flat or bedroom from existing HDB flat owners under the Subletting of Flat / Room Scheme.

HDB's Approval Needed To Rent Out the Whole Flat

An HDB owner can rent out his whole flat only after he has obtained a written approval from HDB. Hence, you may request the flat owner to show you a copy of the approval letter to rent out their flat, as obtained from HDB. In addition, to protect your interest, you are advised to include a condition in the subletting contract, specifying that the validity of the contract is subject to the flat owner obtaining HDB's approval for subletting.

Proof of Ownership of the Flat

You are advised to visit the flat you would be renting and to ensure that the person you are dealing with is the rightful owner of the flat. You can do so by requesting for documentary proof of flat ownership which includes the Agreement for Lease, Service & Conservancy charges booklet, Annual or Loan instalment payment booklet/Annual Loan statements, bearing the name of the flat owner.

Rent Payment and Deposit

The market practice is for rent to be paid monthly in advance on the day of tenancy commencement and thereafter on the same day of each subsequent month. The deposit amount is usually equal to one month's rent for a one-year tenancy and two months' rent for a two-year tenancy. It is payable upon signing of the tenancy agreement together with the first month's advance rent. You are advised not to pay more than one month's rent. As proof of payment, you should pay the rental deposit and rents by cheque. You are also advised to move into the flat immediately after collecting the keys.

Disputes Between Subtenants and Flat Owners

Matters relating to subletting tenancy such as amount of rental, payment/forfeiture of deposits, right to terminate tenancy, periods of subletting, etc. are private matters between owners and their subtenants. HDB will not mediate if there is a dispute between owners and their subtenants on these matters. Hence, flat owners and subtenants are advised to read and understand all the terms and conditions in the tenancy agreement carefully before signing it.

Singapore's economy rebounded last year, wages up 5.6%

Well according to government statistics wages are up 5.6% so did you make the cut? Higher or lower?…

Employees earned 5.6 per cent more amid a tighter job market, according to latest government figures

SINGAPORE'S economy rebounded last year, employees earned 5.6 per cent more amid a tighter job market, according to latest government figures.

The average earnings of a worker rose to $4,089 from $3,872 in 2009.

But work in last year's inflation of 2.8 per cent, and the real earnings growth moderates to 2.7 per cent.

These earnings figures, released on Tuesday by the Manpower Ministry (MOM) in its quarterly labour market report, are derived from data on workers' contributions to the Central Provident Fund.

They reflect the average incomes of full-time and part-time local workers, including permanent residents but excluding the self-employed.

The report also showed that Singapore created more jobs than estimated earlier, with 115,900 jobs added instead of 112,500. Most of the new jobs are in the service sector.

GIRO your tax and win up to $20,000 cash in “GIRO Your Tax” Lucky Draw

The Lucky Draws are open to individuals who pay income and property tax by GIRO. There will be 3 annual draws from 2011 to 2013. The longer one stays on GIRO, the higher the chances of winning in the Lucky Draws! Taxpayers now paying their tax on GIRO are already eligible for the Lucky Draws.

Top prize $20,000 to be won in the “GIRO Your Tax” Lucky Draw on 17 May 2011! Sign up for GIRO before 30 Apr 2011 to qualify for the 1^st year Draw with $65,000 cash prizes to be won!

Meet Michelle Chia, MediaCorp artiste at 'GIRO Your Tax' Roadshows
@ Eastpoint Mall on 2 Apr 2011 (Sat), 12pm to 4pm
@ Jurong Point on 3 Apr 2011 (Sun), 12pm to 4pm
@ Marina Square, Central Atrium on 17 May 2011 (Tue), 2pm to 5pm

Games and attractive prizes await you!

First Year Lucky Draw in May 2011

A pre-draw will be conducted in the presence of external auditors at 55 Newton Road, Revenue House, Singapore 307987. The following will be drawn at the pre-draw:
a) 100 winners for the cash prize of $100 each,
b) 83 winners for the cash prize of $200 each, and
c) 20 winners to be invited to a "Live" Lucky Draw event on 17 May 2011, where the top three (3) winners will be picked for the top 3 cash prizes. The remaining 17 will get cash prize of $200 each.

Easy ways to sign-up for GIRO

1. Instant approval if you sign-up at any AXS station (for DBS/POSB customers) or through Internet banking (for DBS/POSB or OCBC customers); or

2. Complete and send the GIRO application form (14 days to process); or

3. Sign-up for GIRO using the Payment Voucher enclosed with your tax bill.

Benefits of GIRO

Convenient
GIRO is an electronic cashless mode of payment.

No more queues
You do not have to spend time queuing at payment kiosks.

No more late payment
You will not miss the payment due dates.

Interest-free installments
You can enjoy up to 12 monthly interest-free installments, or opt for one-time GIRO deduction.  

Faster tax refund
You can receive tax refund faster as it will be credited directly to your bank account.  You do not have to wait for your refund to be posted to you in cheque.

Full control over GIRO with IRAS’ e-Services
You can adjust or cancel your GIRO plan just by calling IRAS on 1800 356 8300.
You can also view your GIRO plan and tax balance simply by logging in to myTax Portal.
     To view your installment plan > select ‘Payments->View Payment Plan’
     To view your tax balance > select ‘View Account Summary’

GIRO Promotion Lucky Draw

The GIRO Promotion Lucky Draw period is from Apr 2010 to Mar 2013. Sign up for GIRO before 30 April 2011 to be eligible for the first Lucky Draw in May 2011.

How to Qualify for the Lucky Draw and Get Higher Chances of Winning

As long as you have paid your income tax and/or property tax through GIRO during the qualifying periods, you are eligible for the draws.  You will get higher chances of winning if you continue to pay your income tax and/or property tax through GIRO during the promotion period, as illustrated below:

 

	1st Draw May 2011	2nd Draw May 2012	3rd Draw May 2012
Qualifying periods*	1 Apr 2010 - 31 Mar 2011	1 Apr 2011 - 31 Mar 2012	1 Apr 2012 - 31 Mar 2013
GIRO payment	Number of Chances
Income Tax	1	2	3
Property Tax	1	2	3
Total Chances	2	4	6

*For tax billed or payment made during these periods.

Lucky Draw Terms and Conditions (78.6KB)

Cash Prizes	1st Draw May 2011	2nd Draw May 2012	3rd Draw May 2013
1st prize	$20,000	$30,000	$50,000
2nd prize	$10,000	$15,000	$25,000
3rd prize	$5,000	$10,000	$15,000
Consolation Prizes	100 prizes of $200 each	200 prizes of $200 each	300 prizes of $200 each
Consolation Prizes	100 prizes of $100 each	200 prizes of $100 each	300 prizes of $100 each
Total Prizes	$65,000	$115,000	$180,000

FAQs on the Lucky Draw

What is IRAS No-Filing Service

If you have received a letter from IRAS informing you that you are selected to benefit from the No-Filing Service, you do NOT need to submit an Income Tax Return.

IRAS, Inland Revenue Authority of Singapore, will issue you a tax bill (Notice of Assessment) based on your relief claims for last year, and the income details sent by your employer who participates in the Auto-Inclusion Scheme (AIS) for Employment Income. However, reliefs may be adjusted if you have been informed that you do not meet the eligibility criteria.

IRAS is to Singapore as BIR is to Philippines, get it.

You need to submit an Income Tax Return only if you:

1. have additional income to declare. For e.g. you changed employer in year 2010 and your new employer is not in the AIS and/or received rental or other taxable income in year 2010; or
2. have additional reliefs to claim. For e.g. you have a new child born in the year 2010; or
3. need to remove pre-filled reliefs for which you are no longer eligible. For e.g. your child started working and had income exceeding $4,000 in the year 2010.

Are you on NFS?

Please log into myTax Portal to check whether you are on No-Filing Service. Find out more from the User Guide  (226KB).

Updated Philippine Embassy Singapore Modified Office Hours from from 31 March to 24 April 2011

Another modified office schedule from Philippine Embassy in Singapore from from 31 March to 24 April 2011 only:

The Philippine Embassy in Singapore announced that due to further improvements to be made to its public waiting area, its Monday-Friday work schedule will be extended from 31 March to 24 April 2011. The extension is also being implemented in light of the slowdown of scheduled repairs, caused by the onset of heavy rain in the preceding weeks.

The Embassy will be closed to public transactions on Saturdays and Sundays during the said period.  No consular or labor services will be available over the weekend.

The transacting public is advised, however, that the Embassy will be open for passport, notarial, civil registry, and labor services from Monday to Friday, 9 a.m. to 12:30 p.m. and 1:30 p.m. to 5 p.m. Visa applications will continue to be accepted from Monday to Thursday only.

As the improvements are being made to the Embassy’s public area, the modified office schedule is being implemented to minimize the risk and inconvenience to the transacting public.

Likewise, applicants are discouraged from bringing companions, especially young children and the elderly, to the Embassy.  In order to avoid overcrowding and congestion, particularly within the area under repair, the Embassy may limit the entry on non-applicants.

The public’s cooperation and kind understanding will be appreciated.

The Embassy will be closed on the following dates:

DATE	DAY	REMARKS
01 April 2011	Friday	OPEN
02 April 2011	Saturday	CLOSED
03 April 2011	Sunday	CLOSED
09 April 2011	Saturday	CLOSED
10 April 2011	Sunday	CLOSED
16 April 2011	Saturday	CLOSED
17 April 2011	Sunday	CLOSED
21 April 2011	Maundy Thursday	CLOSED
22 April 2011	Good Friday	CLOSED
23 April 2011	Saturday	CLOSED
24 April 2011	Sunday	CLOSED
29 April 2011	Friday	CLOSED
01 May 2011	Sunday	OPEN

 

Clients with queries are advised to send an e-mail to php@pacific.net.sg or leave a voice mail clearly stating their name, contact number and nature of inquiry at +65.6737.3977.  Queries will be responded to within one to three working days.

Filipinos in distress requiring urgent and immediate assistance are advised to text or call the Embassy’s emergency hotline, +65.9072.2797.

Resumption of normal operating schedule (Sunday-Thursday) shall be on (Sunday) 01 May 2011.

Philippine Regulatory Commission launches Online Verification of Filipino Professional (OVFP)

To help weed out fake doctors, dentists and the like, the Professional Regulation Commission on Thursday launched an online verification system that would allow interested persons to check if an individual is a licensed professional or not.

Labor Secretary Rosalinda Baldoz said Online Verification of Filipino Professional (OVFP) system—which is accessible on the PRC website—would help solve the problem of fake professionals duping the unsuspecting public.

“With the system … the days of con men producing fake documents, including unscrupulous persons posing as professionals to defraud the public are over,” Baldoz said in a statement.

Baldoz and PRC commissioner Alfredo Po led the rites launching the OVFP at the Department of Labor and Employment main office in Intramuros, Manila.

“The OVFP is a system that allows online verification of the status of professionals. Employers or any person can check with the system, which can be accessed through the PRC website, the authenticity of the license of any professional, or if the latter is in good standing,” Baldoz said.

“The public can now also verify online if, for instance, the doctor or engineer they are dealing with is licensed,” she added.

Baldoz urged the public to report to law enforcers those individuals or groups that, upon verification with the OVFP, were proven to be unlicensed, “including those who were producing fake documents.”

The PRC also launched on Thursday its Online Renewal Application System (ORAS) that would allow Filipino professionals, including those abroad, to renew their professional identification cards (PICs) without having to go to the PRC itself.

PRC chairman Nicolas Lapena said Oras was intended primarily for professionals working overseas “who usually resort to filing their applications through authorized parties.”

“The system is designed to save our professionals time, money, and effort, adding that the transactions covered include the renewal, reprinting and duplication of the PIC,” Lapena said.

Singapore to reduce dependency on foreign labour

 

Singapore has to make changes to the way it grows its economy as the model of relying on cheap and plentiful foreign workers to boost output is not sustainable, said Senior Minister Goh Chok Tong.

He was speaking at the Installation Ceremony of the 56th Council of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) on Tuesday.

Mr Goh said Singapore has raised the Foreign Worker Levy and provided incentives for businesses to raise productivity.

He also said the government will work closely with industry associations and business chambers to help their members become more competitive by improving their business models and raising productivity.

"Some people believe that the Foreign Worker Levy will be reversed if the economy slows down. But don’t bank on it. I would like to reiterate here that the government is determined to reduce the dependency on foreign labour and raise the productivity and incomes of Singaporeans," the senior minister said.

The chamber is also heeding the government’s call to raise productivity by helping its member companies to do so.

SCCCI president Teo Siong Seng outlined the chamber’s focus for the next two years, which includes venturing to overseas markets.

Mr Teo said the chamber will help the government to promote its various assistance schemes to its member companies. At the same time, he said it will help its member companies appeal for more simplified application procedures and a shortened approval process.

Mr Teo also said the chamber has received approval from the Ministry of Trade and Industry to set up a representative office in Shanghai through a new initiative for trade associations to venture abroad.

The chamber has already signed agreements with five trade association members.

The Shanghai Representative Office will help them to liaise with their counterparts, arrange for mutual visits and provide business matching services.

SCCCI is now discussing with other ethnic chambers on collaborations with the Shanghai Representative Office.

Singapore Manpower Ministry (MOM) raised salary thresholds for foreign professionals and skilled workers

The recent move by the Manpower Ministry (MOM) to raise the salary thresholds for foreign professionals and skilled workers may do little to quell demand for these workers.

From 1 July, for professionals, the qualifying salary thresholds for the three categories of Employment Pass holders will be raised respectively —

• Q1 = S$2,800
• P2 = S$4,000 
• P1 = S$8,000

For skilled workers, to qualify for an S—Pass, an applicant’s monthly salary will have to be S$2,000 or more, up from S$1,800.

MOM said the changes were made to keep pace with increases in locals’ wages and to encourage companies to be more selective when hiring foreign talent.

The higher salary thresholds were also introduced in response to concerns from Singaporeans that foreign talent is competing with them for jobs.

PrimeStaff Management Services has a number of S—Pass and Employment Pass workers on its payroll. It said the move to raise their salary thresholds will not have a big impact.

Ronald Lee, managing director of PrimeStaff Management Services, said: "When you hire, you don’t look at people just coming at the minimum level. You look at people who fit the requirements and these people who fit the requirements could already be earning $3,000, $4,000 or $5,000. So, if you really want to hire them, that is the kind of range you’ve got to be paying them."

Recruitment companies say clients still prefer to fill their positions with local workers. However, this may sometimes be a challenge. This is because local workers still demand much more, like in terms of salary expectations.

PrimeStaff Management Services’ Mr Lee said: "They would expect a very, very high package to entice them....Therefore, we have no choice but to look (at) outside (sources). There are also a lot of equally qualified foreigners who are keen to come at a lower salary, and these foreigners are generally more committed and they have a higher staying power."

The tight labour market is also making it tough to hire.

Phillip Overmyer, chief executive of Singapore International Chamber of Commerce, said: "(In) Singapore, if you look at the (labour) market, it is fully booked! Everybody is employed, more or less. So if the economy wants to grow, you have to hire other people."

Singapore exploits the lack of internship places of Australian foreign medical students, convinces graduate doctors to come and work

 

SINGAPORE intends to 'fully exploit' the lack of internship places for foreign medical students in Australia in order to convince more graduate doctors to come and work here.

Health Minister Khaw Boon Wan yesterday described Australia's shortage as 'an opportunity'. He added: 'We have training places. We welcome applicants, especially returning Singaporeans.'

But he said locally-trained graduates will have no problems getting a place, and there is still room to accommodate more students.

The Straits Times reported on Tuesday that foreign medical graduates in Australia may miss out on internship places in the country's hospitals, which will leave them unable to practise there. The development comes as Singapore faces a high demand for doctors.

Asked whether the Australians had talked to the ministry about internship arrangements, Mr Khaw said at least one medical school dean has expressed an interest in collaborating with Singapore. The minister added that he views this as a 'recruitment exercise'.

Mr Khaw compared it to Singapore's recent success in attracting those who trained in Britain. Speaking at an event in Woodlands, he said this success was down to 'various European Union rules which favour, for example, East Europeans rather than Asians', adding: 'So I just roll out the red carpet.'

The demand for doctors is set to stay high with the opening of Jurong General Hospital in 2014. A third medical school, a tie-up between Nanyang Technological University and Imperial College London, is set to start in 2013 to boost the number of local doctors.

Meanwhile, Australia's internship shortage is set to worsen next year, when two schools' first batches of medical students graduate. Graduates there must complete a year of internship with an authorised hospital before being allowed to gain medical accreditation.

Singaporean medical students who cannot get places could still face problems even if they want to come back to Singapore to take up internships.

Nanyang Technological University (NTU) at One North Buona Vista

This is because, having been out of the country for several years, they may lack the appropriate contacts and knowledge of which specialities to apply for.

Some are calling for the Singapore authorities to help them secure internship placements here. One of them, Ms Whitney Chua, 22, feels places should be 'guaranteed to all medical graduates'.

Mr Quak Zhi-xuan, 25, a final year student at Monash University and president of student group the Singapore Medical Society of Victoria (SMSV), said such measures to help graduates who had studied abroad would make their decision to return here much easier. To push for the authorities to take more action, the SMSV is forming a new student association, the Singapore Medical Society, which will include Singaporean medical students across Australia. There are 500 to 750 Singaporean medical students in Australia.

Canadian Aaron Wong, 24, a final-year student at the University of Melbourne, is keen to take up an internship in Singapore. But if he wishes to return to Australia to practise medicine, he will need to take an extra exam. This barrier, he feels, is something that the Singapore authorities can help get removed.

The Health Ministry said there are currently 30 house officers who studied in Australia working here.

Marina Bay Sands is Hiring!

Marina bays Sands, Asia’s most spectacular business and leisure destination invites you to be a part of its magnificent team. A remarkable array of career opportunities with superior benefits is waiting for you:

• F & B Captains
• F & B Service Attendants
• F & B Cashiers
• Chefs de Partie
• Food Runners
• Commis Cooks
• Bartenders
• Steward Attendants

So what are you waiting for?

Visit the New Recruitment Center at Marina Bay Sands, 10 Bayfront Link, Level 1 Theaters (located behind Theater Bus Stop) for a walk-in interview today.

 

Department of Foreign Affairs (DFA) Accepting Applications for 2011 Foreign Service Officer (FSO) Exam

The Department of Foreign Affairs (DFA) announced that it is now accepting applications for the 2011 Foreign Service Officers (FSO) Examination.

The FSO Exams will be held on the following dates:

• Part I- Qualifying Test (20 Mar 2011)
• Part II – Preliminary Interview (04 and 06 Jun 2011)
• Part III – Written Examination (08 to 10 Jun 2011)
• Part IV – Oral Examination (12 to 14 Oct 2011)
• Part V – Psychological Examination (21-25 Nov 2011)

All parts of the examination will be conducted in the Philippines.

Applicants must meet the following basic criteria:

• Filipino citizen
• Less than thirty-five (35) years of age on 20 Mar 2011; and
• In possession of a four (4) year bachelor’s degree.

The list of additional requirements and the application form for the examination may be downloaded from the Embassy website (click on the links below).

Those interested may submit their duly accomplished application forms, together with all necessary supporting documents, in person at Window 1 of the Embassy no later than 5:00 pm on Wednesday, 2 February 2011.  Application forms may also be submitted in person to the DFA Main Office until 5:00 pm on Friday, 11 February 2011.

Applications will not be accepted beyond the set deadline.

To download the Examination Announcement and list of requirements, click here.
To download the 2011 FSO Examination application form, click here.

VP Binay pushing for the creation of an “OFW Bank"

To bring down the cost of sending money to the Philippines, Vice President Jejomar Binay said Wednesday he is pushing for the creation of an “OFW Bank."

Binay — also the Presidential Adviser on OFWs’ Concerns — wrote to President Benigno Aquino III pushing for the proposed bank as an “alternative yet viable" remittance institution here and abroad.

“The bank will provide fair competition towards the reduction or lowering of remittance or transaction costs and provide a productive outlet for our overseas Filipinos’ savings as bank investors and shareholders," he said in the letter posted on the Office of the Vice President’s website.

Binay said the move was in response to OFWs’ (overseas Filipino workers) clamor for an OFW Bank, as financial intermediaries and money brokers are presently charging exorbitant fees for money transfers.

Government financial institutions will initially fund and underwrite the bank, according to the Vice President said.

Eventually, investors and stockholders will own and control the OFW Bank, Binay said.

Money sent home by OFWs rose to $15.46 billion in the first 10 months of the year, up 7.9 percent from $14.23 billion in the same period last year, central bank data showed.

A chunk of the remittances came from the US, Canada, Saudi Arabia, Japan, UK, United Arab Emirates, Singapore, Italy, Germany, and Norway.

The idea for an OFW Bank was raised in 2006 as a way of consolidating the financial assets and operational capabilities of government institutions, like Land Bank of the Philippines, Development Bank of the Philippines, Overseas Workers Welfare Administration, and Philippine Postal Corp.

The project was supposed to create a financial institution for OFWs, one that is inexpensive and more focused toward its OFW-oriented direction and services. Because of the global recession, it was shelved.

Instead, LandBank and DBP launched separate remittance programs for the lucrative OFW market estimated by the Philippine Overseas Employment Administration between eight million and 11.5 million land- and sea-based employees.

Company Policy: Being A Smart Worker

I got this in my email. I am not sure if this is true, just want to share it since I found it funny..

Does it sound familiar?

Does your company have similar policy?

Why not share your experience….

Singaporeans 2nd richest in Asia

SINGAPORE ranks fourth globally and second in Asia Pacific in terms of average personal wealth, according to the inaugural global wealth report by Credit Suisse Research.

Average wealth per adult in Singapore has grown strongly in the last decade, rising from US$105,000 (S$137,100) per adult to over US$250,000 in 2010, supported by a period of strong domestic economic growth and asset price increases.

Singapore's two-fold increase in average wealth per adult has also been accompanied by a 7 per cent slide in average debt.

From a macro perspective, the report finds that the global wealth currently held by 4.4 billion adults has increased 72 per cent since 2000 to reach US$195 trillion.

Job seekers in financial services enjoy bull market

Are you working in any of these industries - banking, accounting, financial services and sales and marketing? Well, good luck and good times ahead….

Central Business District and Boat Quay, Singapore

IT'S still a bull market for those seeking mid- to higher-level executive positions in banking, accounting, financial services and sales and marketing in Singapore.

Despite lingering global economic uncertainty, employers are raising salaries by up to 15 per cent on average as the economy in Singapore and the region continues to recover and hiring activity picks up amid a shortage of such talent here, according to specialist recruitment firm Ambition Singapore.

Financial services and banking institutions struggle with hiring locally for vice-president levels and above because Singapore is a relatively young market, Ambition said in a third- quarter assessment of local hiring trends released yesterday.

'But that will change over the next five years as local candidates accumulate more years of banking experience and can step into those positions,' it said.

Compared with Australia, Europe and the US, Singapore also has a smaller pool of talent for digital online media, online advertising and content, online broadcast networking and Internet banking, forcing recruiters here to look overseas, it said.

With job numbers climbing by an average of 67 per cent year on year to their highest level since 2007, attrition rates have risen as more job seekers are now looking for career growth opportunities instead of being motivated by the fears of pending layoffs a year ago, it said.

'We've gone back to a market that's candidate- short,' said Paul Endacott, Ambition's managing director. 'But we're not reverting to the 30 per cent plus salary increments, as pre the global financial crisis.'

That's because companies don't feel they have to offer 'the bells and whistles' to attract foreign talent given that challenging job markets in the US and Europe have driven overseas applications to Singapore up by about 30 per cent this year from a year ago.

'Employers aren't throwing money at candidates to get them on board. Post-crisis, there is a lot more scrutiny in terms of cost controls. They want to hire the right people that will add value from Day One, which means the hiring process has gotten longer and more rigorous,' he said.

On average, banks are offering increments of between 12 and 15 per cent, while within commercial sector organizations, employers are offering increments of between 8 and 12 per cent, he said.

'A lot of expat pay packages have moved to localized packages,' Mr Endacott said.

Many banks, especially those with global headquarters in the US or Europe, are still averse to offering sign-on bonuses and hiring is expected to cool off in Singapore in the second half as they await results before investing further in recruitment. That means positions at those levels will be increasingly difficult to hire for in the fourth quarter.

source: The Business Times

Singapore needs more foreign workers in order to grow

Got this from Strait Times – with the current rate of population growth in Singapore, it is very clear that it will need to draw talent from all over the world to supplement the local pool.

SINGAPORE needs foreigners to grow the economy and create jobs for Singaporeans, said Prime Minister Lee Hsien Loong.

Local companies Keppel and SembCorp, for instance, hire 20,000 people here, including 5,000 Singaporeans. But without the foreign workers, these Singaporean jobs would not exist, and vice versa, he added.

This is because too few Singaporeans want to become welders or marine workers, and Singapore is not producing enough engineers and technicians.

Foreign workers, on the other hand, bring a wide range of skills and experiences, and knowledge about different markets around the world.

With a booming economy, Mr Lee said more foreign workers will still be needed to create more jobs in Singapore. But the numbers will be smaller - about 80,000 more this year and not 100,000 as previously announced.

'With local and foreign workers working together, Keppel and SembCorp have become world beaters,' said Mr Lee.

He reiterated the need for foreigners to top up the population shortfall, given how the Government efforts to produce more Singaporean babies have not yielded results.

However, he drew a distinction between foreign workers and immigrants, or PRs and new citizens.

Foreign workers are transients who work in factories, banks and shipyards, and leave when the job is done, he said.

And although the Government is pushing for higher productivity in order to reduce the reliance on foreign workers, they are still needed for large scale projects such as more HDB flats and new MRT lines.

He asked Singaporeans to bear with the larger numbers for the time being.

As for immigrants, he stressed that their numbers are far smaller, and that the Government is very careful with whom they accept: New citizens and PRs must not only contribute economically, but also integrate into our society and strike roots here.

He recognised that while the inflow of foreigners has helped Singapore become a more cosmopolitan city with a more vibrant economy, and build a new Marina Bay, it also had its side effects: overcrowding, social frictions and the sense that society is changing too quickly.

Mr Lee promised to consolidate and slow down pace, as Singapore cannot continue to take in as many as it has been been doing in the past few years.

source: Strait Times

In Singapore, the term immigrant workers is separated into foreign workers and foreign talents.

• Foreign workers refers to semi-skilled or unskilled workers who mainly work in the manufacturing, construction, and domestic services sectors.
• Foreign talents refers to foreigners with professional qualifications or acceptable degrees working at the higher end of Singapore’s economy.

The Singaporean government  has carefully constructed a system under which different types of employment passes are issued to immigrant workers according to their qualifications and monthly salaries. The “P, Q, R” employment-pass system was put into practice since September 1998; a new “S” type employment pass was later introduced in July 2004.

The government has also set different policies on recruiting foreign talents and foreign workers. The different policies towards 'Foreign workers' and 'Foreign talents' in Singapore have led some people to feel that their contributions toward Singapore’s development are valued differently.