Do you know that 10% of the Filipina’s population currently live and work abroad? And do you know that those 10 million OFWs abroad represent 10% of the nation’s economy? Indeed, all those people are sending money back home every year to their loved ones. The remittances go straight to families, relatives, households, friends. So they can improve their quality of life. The country received 28.4 billion of US dollars in 2015 (according to the World Bank). More than a third of the Filipina’s population receives money from family abroad.
The Philippines are the third country receiving the most remittances worldwide. Right after India and China. It can be surprising as its population of 100 million people is far smaller than its two giant neighbors. Remittances from those foreign workers to the Philippines are essential to the country. It helps to sustain the country’s domestic consumption and growth. Remittances represent 10% of the nation’s GDP. Filipinos are supportive. We saw a record amount of remittances in 2015 as a result of a decrease in the public expenses. Moreover, those remittances help to stabilize the peso against the US dollar.
Where does the money come from? Mainly from the United States for 9.6 billion. Then from the middle east; the United Arab Emirates (3.5 billion), Saudi Arabia (3.2 billion), Qatar (1.1 billion), Kuwait (846 million). It comes also from Canada for 2 billion, Malaysia for 1.6 billion, Japan for 1 billion, Australia for 865 million, and many other countries. These figures are directly correlated to the number of Filipinos migrants in those countries.
Filipinos are skilled and talented professionals who work hard to give hope to their families and to the Philippines economy. The country is proud to export its workforce. It is totally part of the government strategy to boost the economy.