OFWs’ ‘practical strategies’ to save them from US crunch - business exec

MANILA, Philippines - Because of their “practical investment strategies," overseas Filipino workers (OFW) would not likely be affected by the US economic recession, a business leader said on Tuesday.

According to Guillermo Luz, executive vice president of the Ayala Foundation, Inc and member of the Makati Business Club, many OFWs choose to put their hard-earned money in “consumption type of investment" and not in stock markets.

“I don’t see may OFWs putting their investment in vulnerable sectors like the stock market so they won’t take a direct hit there," said Luz.

“They’re putting money on houses to live in it not for investment so it’s not speculative," he added.

Luz also said the upward trend in OFW remittances reflected the fact that Filipinos had nothing yet to fear.

Remittances from Filipinos abroad surged 30 percent in June to US$1.5 billion — the highest monthly inflow since 1989.

The June figure brought the six-month remittance level to US$8.2 billion, up 17.2 percent from the same period a year ago. Central bank Gov. Amando Tetangco Jr said the sustained rise in the number of Filipinos seeking employment overseas contributed to the robust figures.

Some 8 million Filipinos — or nearly 10 percent of the population of about 90 million — work overseas. Last year, they sent home US$14.45 billion.

“I think Filipinos will continue remitting despite times of crisis as what can be seen in the trend. That explains why remittances have not gone down," Luz said. - MARK JOSEPH H. UBALDE, GMANews.TV

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