Ensuring OFWs' welfare to help boost economy

The Philippines should actively safeguard “the welfare of overseas Filipino workers (OFWs)" to further boost the economy, the country’s acting socioeconomic planning secretary said.

Ensuring their safety and well-being will help keep steady growth of remittances, which in turn, boost the domestic economy, Augusto Santos, acting director general of the National and Economic Development Authority (NEDA) said.

Money sent home by OFWs are used by beneficiaries to purchase goods and services, helping the Philippines’ consumption-driven economy.

Remittances also provided the Philippines some “cover" in its trade gap, measured as the amount left over after its imports are subtracted from its exports.

Unlike its export-dependent Asian neighbors such as Taiwan and Singapore, the Philippines also depends on remittances to support its economy.

Santos said one of the advantages of the Philippine economy is that it is not solely reliant on exports, unlike its Asian neighbors such as Taiwan, and Singapore.

From July to September this year, the Philippine economy expanded 0.8 percent, a far cry from the 4.6 percent expansion last year.

Weaker growth for the quarter also fell below the official forecast range of 1.6 percent to 2.6 percent, the National Statistical Coordination Board (NSCB) said on Thursday.

The decline was brought about by the slowdown in the manufacturing and farm sectors.

At the same time, he also exhorted the government’s economic managers to “navigate through the [financial meltdown] through a calculated exit plan," he said.

An “even grander entrance plan" should also be formulated for “better socio-economic achievement in the coming years," Santos said.

Among his proposals include cutting costs of electricity in the country – considered as the second-highest in Asia – and providing greater credit access to small and medium-scale enterprises. - with RJAB Jr., GMANews.TV

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