In the larger scheme of things, 0.30 centavos out of 200 is no big deal. Such an amount can hardly be missed.
In the larger scheme of things, 150 from P10,000 is also not that much. Of course it is not an amount that one can just leave lying on the floor. It's already equivalent to one meal at Jollibee or a couple kilos of rice.
But still in the larger scheme of things, it hardly matters.
In the larger scheme of things, the 0.15% documentary stamp tax on remittances may not even be noticeable. Probably that was why it did not get attention until it was implemented.
In the larger scheme of things, remittance charges are also small. Here in Hong Kong, it ranges from HK$20 to HK$30. But in other countries like those in the Middle East, it gets higher as the remittance increases.
In the larger scheme of things, at least according to GMA, the EVAT is necessary for her so-called brand of progress. For an OFW who sends 10k, for example, for the basic needs of the family, that is P1,200 that goes EVAT.
Considering the economic conditions back home, it is safe to say that families of Filipinos abroad are probably the bulk of the population who still have purchasing capacity. Thus, the evident drive of businesses to expand to the OFW market.
In the larger scheme of things, if we believe La Gloria, it again does not matter for everyone shall benefit in the end.
In July last year, the first Global Forum on Migration and Development (GFMD) was convened in Belgium. Some of its most telling conclusions include:
- That remittances to developing countries are one of the largest sources of external finance for developing countries, and can represent a large share of GDP for some of them. The World Bank estimates that recorded remittances to developing countries (i.e., excluding informal flows) reached $206 billion in 2006, almost two-thirds of foreign direct investment ($325 billion), and almost twice as large as official aid ($104 billion) received by these countries. Remittances are also considered to be more stable and evenly spread than other financial flows such as ODA or FDI, and are also considered to be countercyclical.
- That remittances cannot be appropriated by governments, but their positive impact on development can be increased through options, incentives and tools designed and implemented by governments in partnership with other relevant actors.
Not much different with other goods for trade. Only migrants can be traded again and again as long as we are good.
But then again, in the larger scheme of things...Oh, wait. There's probably nothing larger than this scheme.