A PH economy boost

THE diversification of skills of the Filipino migrant workers and of the labor market caused the country to achieve a remittances growth at robust pace in 2010.
In a recent report by the Bangko Sentral ng Pilipinas (BSP), remittances from overseas Filipinos (Ofs) coursed through banks surged by 15.5% percent year-on-year to reach $1.6 billion in November 2010.  The bulk of remittances came from the US, Canada, Saudi Arabia, Japan, UK, UAE, Singapore, Italy, Germany and Norway. Fund transfers from Filipinos abroad have been consistent at more than $1.5 billion monthly over the eleven-month period.
The growth was accumulated from sustained and higher remittances from both sea-based and land-based workers since the start of the 2010.  It has brought an 8.2 percent improvement from the year-ago level propping the cumulative remittance level for the eleven-month period to $17.1 billion.
Just recently the World Bank has lifted the country’s economic growth forecast from a previous forecast of 3.5 percent to 4.4 percent after the local economy showed a strong first quarter performance.
Perked up by improving global economic conditions, the demand for Filipino laborers in various global destinations have continued to rise. Prospects for global deployment of overseas Filipino workers (OWS) remain positive; especially as employment opportunities are expected to rise along with clearer signs of global recovery. The improving global economic climate also prompted some firms to rehire laid off workers.
In a statement released by the Philippine Overseas Employment Administration (POEA), there were 624, 045 approved job orders of which were comprised of processed job orders largely for service, production as well as professional, technical and related workers. It is 15 percent higher than the job orders processed from the previous year.
There are currently more than 10 million Filipinos living and working abroad, and their record remittances help drive up local consumption and in boosting the local economy. The diverse skills of Filipino workers continue to impress foreign employers fueling the chances of boosting the amount of money sent to the Philippines.
The role of overseas Filipinos is essential to the country’s goal to achieve Philippine economic development and stability. The annual outflow of overseas Filipino workers is not only a solution to country’s unemployed workforce, but also helps the government maintain a manageable gross domestic and gross national product (GDP and GNP), a visible major source of gross international reserves and the country’s external debt.
Many say that OFWs are the living heroes of the Philippines, but the government can’t depend on them to continue cushioning the local economy. The government on its part should start realizing the prime role remittances have on the economy. The OFWs as sources of remittances should be afforded various services to help build and strengthen their welfare.
Most migrant Filipino workers resort to working abroad due to lack of job opportunities in local arena. Their endeavor living and working in a foreign land in most cases, is a risk they have to take just to be able to provide food for their families.
It’s time to give back. These so-called heroes should be afforded with the benefits they deserve. The local economy benefits from OFWs, so should the OFWs from the Philippine economy. It should be a win-win situation.
(www.asianjournal.com)
(Las Vegas Jan20-26, 2011 Sec A pg. 6)