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    Deloria

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    Neeson Paul Credo Delmo
    The money remitted by Overseas Filipino Workers (OFWs) to the Philippines hit 20.117 billion last year, an increase from the previous year. Remittances from OFWs continue to support the country's balance of payments and ability to meet external trade obligations and foreign debts. As of January, the balance of payments recorded a surplus of 2.043 billion. OFW remittances are a significant source of income for the Philippine economy, supporting household spending and the country's ability to pay its foreign debts.

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    Deloria

    Uploaded by

    Neeson Paul Credo Delmo
    9 views1 page
    The money remitted by Overseas Filipino Workers (OFWs) to the Philippines hit 20.117 billion last year, an increase from the previous year. Remittances from OFWs continue to support the country's balance of payments and ability to meet external trade obligations and foreign debts. As of January, the balance of payments recorded a surplus of 2.043 billion. OFW remittances are a significant source of income for the Philippine economy, supporting household spending and the country's ability to pay its foreign debts.

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    The money remitted by Overseas Filipino Workers (OFWs) to the Philippines hit 20.117 billion last year, an increase from the previous year. Remittances from OFWs continue to support the country's balance of payments and ability to meet external trade obligations and foreign debts. As of January, the balance of payments recorded a surplus of 2.043 billion. OFW remittances are a significant source of income for the Philippine economy, supporting household spending and the country's ability to pay its foreign debts.

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    9 views1 page

    Deloria

    Uploaded by

    Neeson Paul Credo Delmo
    The money remitted by Overseas Filipino Workers (OFWs) to the Philippines hit 20.117 billion last year, an increase from the previous year. Remittances from OFWs continue to support the country's balance of payments and ability to meet external trade obligations and foreign debts. As of January, the balance of payments recorded a surplus of 2.043 billion. OFW remittances are a significant source of income for the Philippine economy, supporting household spending and the country's ability to pay its foreign debts.

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    of 1

    Ma. Famela Jane B.

    Deloria

    Section: D (T-Th 1:00-2:30)

    News Article:

    OFWs are backbone of Philippine economy

    (MENAFN - Arab News) The money remitted by Overseas Filipino Workers (OFWs) to their
    country hit 20.117 billion last year. In January alone this year, the figure stood at 1.855 billion
    representing an increase of 8.4 percent from 1.7 billion a year ago, according to the Bangko
    Sentral ng Pilipinas (BSP) report issued recently.

    Remittances continue to support the country's balance of payments (BOP), which gauges our
    capacity to meet external trade obligations and foreign debts. As of January, BOP recorded a
    surplus of 2.043 billion.

    Read more: http://www.menafn.com/1093643666/OFWs-are-backbone-of-Philippine-economy

    Comment:

    Indeed the OFWs contribute a great help to our economy. As what the NPPS director said
    in a report last year, "In reality, their remittances are a significant part of a country's economy,
    whether developed, developing or at any stage of economic development.” This is because their
    remittances support our country’s balance of payments or simply, the trade obligations and
    foreign debt that we have. As what I know, we have trillions and trillions of obligations and debt.
    At least, through the remittances of the OFWs, these obligations and debts are gradually settled.
    Also, their remittances which they send to their loved ones here in our country are sent the
    households and these help the household buy or have their basic needs and sometimes their
    wants. Their remittances are also used by our country when we buy or import goods from other
    countries. I agree that our President should also prioritize the concerns of the OFWs for they
    contribute a big help to our country’s economy. They are also our heroes. I heard in some news
    that some OFWs are deployed for certain reasons. This is a loss to our country because it will
    decrease the remittances that the OFWs transfer to our country. If ever, an OFW is sent home or
    deployed and he cannot avail a job in our country, this will add to the unemployment rate of our
    country.

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