OFWs: Modern-day heroes shaping Phl economy
The latest data from the Bangko Sentral ng Pilipinas showed OFWs remitted US$9.1 billion in the first quarter of 2024
Daily TribuneThe latest data from the Bangko Sentral ng Pilipinas showed OFWs remitted US$9.1 billion in the first quarter of 2024
Overseas Filipino workers (OFW) are considered the nation’s modern-day heroes for their sacrifices and dedication to providing a better life for their families.
In 2023, the Department of Migrant Workers (DMW) deployed more than 2.3 million OFWs, a significant bump from the 1.2 million in 2022 when the Covid pandemic was in full force and regional strife such as the Russian invasion of Ukraine and the Houthis’ aggression in the Red Sea and the Gulf of Aden had broken out.
In 2023, OFW remittances contributed 8.5 percent to the country’s gross domestic product (GDP) which translated to US$33.5 billion, 2.9 percent higher than the US$32.5 billion remitted in 2022.
The latest data from the Bangko Sentral ng Pilipinas (BSP) showed OFWs remitted US$9.1 billion in the first quarter of 2024.
OFWs in the United States led the way with the highest remittances followed by those in Singapore, Saudi Arabia, Japan, United Arab Emirates and Canada.
While overseas Filipino workers remain in demand in the skilled and labor industries abroad, particularly in Asia and the Middle East, the DMW is hopeful that one day the migrant workers will return home to live here.
The DMW said it is strengthening the reintegration program for returning Filipino workers. One of the steps includes teaching them financial literacy by saving their remittances in banks or by investing in businesses to maximize the gains from their employment.
The DMW has also forged partnerships with other government agencies such as the Department of Agriculture and Department of Trade and Industry, and the private sector aiming to assist returning OFWs.
Meanwhile, the DMW has warned against illegal recruiters and third-country job offers, reminding OFWs to transact only with recruitment agencies licensed and approved by the department.