Remittance

OFW remittances

August 17, 2022 People's Tonight 79 views

FILPINO migrant workers remitted some US$17.1 billion during the first six months of the year, helping the struggling economy weather a host of global pressures.

Official records show that the January-June 2022 figure of P17.1 billion reflected an increase of 2.8 percent compared to the US$16.6 billion figure in the same period in 2021.

Filipinos, notably health professionals, seafarers, engineers and household workers, are in demand in the world market due to their exceptional skills and good of the English language.

The strong United States dollar brought in more pesos for the recipients of remittances.

Reports said a significant portion of the dollar remittances was sent from the United States of America, oil-rich Kingdom of Saudi Arabia (KSA), Japan, Qatar and Singapore.

Note, however, that the skyrocketing prices of services and goods, particularly basic commodities, negated the increased dollar remittances of overseas Filipino workers.

“Lumaki nga ang tinatanggap ng pamilya ng isang OFW pero bale wala ito dahil sa walang tigil na pagtaas ng presyo ng mga bilihin,” lamented the wife of a nurse working in KSA.

That’s why we share the view of many sectors, including our economists, that there’s that urgent need to send more OFW remittances due to higher prices and inflation.

We need dollars to prop up our economy, which was devastated by the coronavirus disease (COVID-19) pandemic, but let us ensure the health, safety and welfare of our OFWs.

Of course, in our view, the administration of President Ferdinand “Bongbong” R. Marcos Jr., is well-prepared to protect the interests of Filipino migrant workers.

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