twg ) on overseas filipino statistics to formulate the operational framework, concepts and definitions for overseas filipinos, this conference could clarify the differences in the sets of data currently available. second, on the remittance data. we have already seen the size of ofw remittances doubling within the last five years. with its growing importance to our economy, we need to place emphasis on its accurate measurement. we are aware that remittances are by themselves already inherently difficult to measure, since they are composed mostly of numerous small, frequent transactions, carried out by a multitude of transactors through a complex structure of originating and delivering agents here are also other measurement concerns including appropriately capturing remittances of non - resident ofws which are invested in financial instruments or physical assets such as real estate. moreover, a certain amount of remittances still flow through informal channels, which should be measured to determine the amount of global remittances. given the present range of remittance channels, and the expected increased complexity of the structure of service providers in the near future, accurate measurement of remittances remains a challenge for statisticians. we therefore need to collectively consider and design the best approach that will measure remittances in the most accurate and timely manner, going forward. this will not necessarily be an easy task. even at the international level, the conventional wisdom is that there is no unique “ best ” source of data, or collection approach, due to the complexity of the phenomenon. therefore, from a purely technical standpoint, a reasonable strategy would be to appropriately combine different sources and methods, e. g., bank reports data, household surveys, other administrative - based data, even econometric and demographic models, that will allow for integration, cross - checks and reciprocal confirmations. moreover, data on remittances should not be considered in isolation from data on stock of workers and deployment of overseas workers, as well as wage rates, wage increases and inflation in host countries. at the end of the day, there have to be reasonably explainable patterns and links among these variables that will allow for more informed economic analysis, decision making and policy - making by the government. on this note, highly commend the philippine statistical association for organizing this conference on the subject. we hope that this forum will serve as a catalyst for further statistical research and studies on the ofw phenomenon. we also thank the sponsors of this conference for their

to the changing social structure and create demand by replacing old products and services with new ones. the structure of consumption, or spending patterns, has also changed largely reflecting the population aging with fewer children. the outcome of competition among firms now depends on how they adapt to such changes. new job opportunities will be created in the process of such corporate endeavors. it is also essential to seek overseas demand, since the population in japan is declining. rapidly expanding asian markets are located close to japan. in view of an expected rise in income levels in the area, these markets are likely to become extremely important for high - quality goods produced in japan that offer superior features in terms of safety and reliability, although production of “ volume - zone, ” widely used goods, may have to be done overseas. moreover, looking further ahead, it is very likely that japan will be able to offer products and services developed for its aging society to other asian nations, since their populations too are bound to mature. with this favorable outlook in mind, stepping up investment for growth would lead to a larger flow of funds, an expanded job market, and ultimately sound economic growth in japan as well as asia. the data for april 2012 were taken from the labour force survey released by the ministry of internal affairs and communications. the number of “ hidden unemployed ” represents those “ wishing to work ” in the category of “ not in the labour force. ” a breakdown of figures for those “ not in the labour force ” is not published on a monthly basis, and therefore, the simple average of three months for the period between january through march 2012 ( 4. 38 million ) was used. bis central bankers ’ speeches d. regional areas viewed from a different perspective, the decline of the population is likely to have a larger effect on regional areas than on urban ones. if job opportunities in these areas are insufficient, youthful job seekers will leave, causing a population drain and leading to a further shrinkage of regional economies. to respond to this situation, it is important to make full use of the resources unique to each region, in addition to human resources of the elderly and women : for example, to draw on the labor of the elderly in the areas of nursing care, where demand is growing, or of childcare ; and to revitalize the primary industry. business opportunities may also lie in agricultural and food industries in rural japan. it is possible that the supply - demand conditions for food will tighten worldwide reflecting the rapid growth of emerging economies, and as