ASEANEWS | Paper Edition Headlines: PHNOM PENH, Laos- Migrant workers expect to send US$4.55 million a month to Laos

June 20, 2022June 20, 2022 Editor 0 Comment ASEANEWS | Paper Edition Headlines: PHNOM PENH, Laos- Migrant workers expect to send US$4.55 million a month to Laos

Many Lao workers continue to seek jobs in other countries to earn more income for their families.

Lao nationals working in other countries are expected to send remittances worth about US$4.55 million to Laos, which are an important source of foreign exchange.

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The overall development impact of remittances, however, has not been well established.

.Mr Phongsaisack Intharath,

Remittances are spent primarily on day-to-day consumption expenditure, housing, land purchase, and debt repayment.

Addressing the National Assembly last week, Deputy Minister of Labour and Social Welfare, Mr Phongsaisack Intharath, gave this response in reply to questions raised by Assembly members during the ongoing 3rd Ordinary Session of parliament.

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Although only a small proportion of remittances are directed into productive investments, this does not warrant the conclusion that the developmental value of remittances is negligible.

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Remittances given to workers’ parents for the purchase of domestic goods and services in Laos are an important economic stimulus.

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The Lao Foreign Employment Agency manages and monitors at least 30 government agencies and private recruitment agencies and issues permits under the Labour Law, Mr Phongsaisack said.

READ MORE: https://aseanews.net/2022/06/20/headline-phnom-penh-laos-migrant-workers-expect-to-send-us4-55-million-a-month-to-laos/

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