DUBAI – Overseas Filipino Workers (OFWs) working in the United Arab Emirates and other countries remain the driving force of the Philippine economy.
This, as the Philippine Central Bank indicated that some P935.096 billion had been sent by Filipinos based in the past eight months.
The aggregate money transfers had been sent by OFWs based in the UAE, United states, Saudi Arabia, Singapore, United Kingdom, Japan, Qatar, Kuwait, Hong Kong and Germany.
The amount remitted by OFWs in the first eight months of 2016 represents a 16 per cent increase compared to the same period last year.
A huge part of the personal remittances, amounting to $15.1 billion, emanated from OFWs who have valid work contracts of at least one year. Another $4.1 billion came from the earnings of OFWs with work contracts of less than one year.
The amount of cash remitted through banks posted a 16.3 per cent increase in August 2016. In particular, cash remittances from “land-based” workers rose by 6.5 per cent to $13.9 billion, while those transferred by sea-based expatriates dropped slightly by 1.9 per cent to reach $13.9 billion.
The OFWs remain a viable workforce that keep the Philippine economy afloat.