About 10% of the Philippines’ population live and work abroad who are popularly know as overseas Filipino workers (OFWs). They represent 10% of the nation’s economy. How is this so? Simply because they are sending money to the Philippines in the form of remittances. These remittances are received by their families improving their lives and sending their children to school.
Moneytis once wrote that the Philippines is the third country receiving the most remittances worldwide, right after India and China. It can be surprising as its population of 100 million people is far smaller than its two giant neighbors China and India. Sending dollar remittances to the Philippines stabilizes the peso against the dollar.
Recently, Rappler posted that the personal remittances of OFWs increased to $2.9 billion in May 2019, 5.5% higher than the $2.7 billion during the same month last year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said in a statement on Monday, July 15. It is surprising to note that from January to May, remittances reached $13.7 billion, 4.1% higher than the $13.2 billion in the same period a year ago.
So, where does all this money come from? Mainly, remittances come from the United States with 9.6 billion, followed by the United Arab Emirates (3.5 billion), Saudi Arabia (3.2 billion), Qatar (1.1 billion), Kuwait (846 million). Other remittances also come from from Canada for 2 billion, Malaysia for 1.6 billion, Japan for 1 billion, Australia for 865 million, and many other countries.
The Commission on Filipinos Overseas wrote that OFW remittances have greatly contributed to the country’s earnings of foreign exchange. The remittances help improve the standard of living of some Filipinos and therefore raising the status of the country.
Filipinos are known entire the world for their skills and for being hardworking, patient, and flexible. These qualities make them preferred workers by foreign countries that’s why they are always being hired and kept by their employers. The country is really proud of its people. In honor of the OFWs, President Rodrigo Duterte has launched many programs for their assistance. – LMI