OFW remittances
MILLLIONS of Filipinos, many of them jobless, underemployed and ordinary daily wage earners, continue to wallow in poverty not only in the countryside but elsewhere.
But not the families of the millions of overseas Filipino workers (OFWs), notably those in the United States, whose billions of dollar remittances help prop up the local economy.
In fact, the depreciation of the peso raised the peso equivalent of OFW remittances – less US dollars were needed to raise the same value in pesos being sent to the Philippines.
Personal remittances of OFWs during the first eight months of the year amounted to $23.34 billion, an increase of 3 percent from $22.67 billion in the same period in 2021.
Together with other dollar earners, like the tourism and business process outsourcing industries, the OFW remittances help shore up the nation’s foreign currency reserves.
The bulk of the fund transfers came from banks in the United States, Kingdom of Saudi Arabia (KSA), Singapore and Qatar, according to the Bangko Sentral ng Pilipinas.
Records show that in August alone, cash sent by land-based Filipino migrant workers totaled $2.13 billion, while sea-based OFW (seamen) remittances hit $650 million.
In fact, a local economist expects the remittances of our migrant workers to increase in the last quarter of the year in preparation for the Christmas Season and spending.
“Kasi taun-taon ay nakaugalian na ng ating mga kababayan sa labas ng bansa na magpadala ng pamasko sa mga kamag-anak sa Pilipinas,” said the mother of a US-based OFW.
Talagang napakalaking tulong pa rin sa ating lokal na ekonomiya ang dollar-oriented na manpower export industry.
