The Importance of OFW Remittances
The 88.6 million Filipinos in the country as of the third quarter of 2007, there is an estimated five million overseas Filipino workers (OFW) abroad right now. Since the 1970’s, when the Philippines began deploying OFWs, many Filipinos followed suit year after year at an increasing rate. In 2006, POEA recorded 1,221,417 OFW contracts for employment overseas. The positive impact of the OFW migration Record-high The Philippines received US$ 6,050,450,000.00 in remittances from OFWs in 2000, and in 2007, the Bangko Sentral ng Pilipinas reported the remittances to have reached a whopping US$14,449,928,000.00. YEAR TOTAL OFW REMITTANCE 2000 US$ 6,050,450,000 2001 US$ 6,031,271,000 2002 US$ 6,886,156,000 2003 US$ 7,578,458,000 2004 US$ 8,550,371,000 2005 US$ 10,689,005,000 2006 US$ 12,761,308,000 2007 US$ 14,449,928,000 From the lifestyles of the families of OFWs alone, it is perceived that they are better off in terms of purchasing power and property ownership than famil...