THE Overseas Workers Welfare Administration (OWWA) said the number of overseas Filipino workers (OFWs) repatriated due to the COVID-19 pandemic has already reached 809,373 as of November 2021.
However, with the easing of restrictions and successful vaccination roll outs in various countries across the world, the Philippine Overseas Employment Administration (POEA) noted an increased demand for the 675,567 OFWs deployed in last year in sectors such as healthcare, seafaring and Information Technology.
Remittances remain vital to the Philippine economy, where it accounts for nearly 9 percent of the country’s Gross Domestic Product, reaching a fresh high of US$34.9 billion, a 5.1-percent increase from last year.
This reflects the selflessness of overseas Filipinos, who continue to send money to their families back home despite global economic challenges. This consistent cultural reality is essential during the state of transition as Metro Manila and 38 other areas in the Philippines shifted to a lower alert level classification or Alert Level 1.
As OFWs are redeployed abroad, WorldRemit, a leading global payments company, will continue to aid in allowing for OFW’s contributions to bolster the economy by providing an easy, safe way for these workers to contribute to their families’ ongoing expenses – which are expected to rise in the short term.
Additional expenses are anticipated for many Filipinos as they relocate back to major cities as employers and businesses increase demands for onsite reporting, face the onset of hybrid school and pure face-to-face classes, and prepare for potential inflationary impact of current economic.
According to a 2021 survey by WorldRemit, 35 percent of OFWs said they have increased the amount of remittances sent for education since the COVID-19 pandemic began, with daily expenses (41 percent) and medical expenses (44 percent) emerging as two other important reasons for OFWs to regularly send money home.
“Our Overseas Filipinos continue to rely on WorldRemit for secure, convenient, and cost-efficient digital transactions for their remittances sent to their families back home. WorldRemit dedicates its services in supporting OFWs in regaining financial autonomy as we adapt to a new normal that views COVID-19 as endemic,” WorldRemit Country Director, Earl Melivo told FrontpagePH.com.
As the Philippines transitions to its next state of reopening, whether for businesses or the country’s borders, and restrictions on mobility and access slowly easing up, remittances will remain essential to help families adapt to these changes. Employees and students will begin the transition to hybrid approaches of working and learning and in many cases, employers may slowly return to pre-pandemic levels of staffing.
To ensure your family has everything they need in these trying times, download the WorldRemit app and get started: https://www.worldremit.com/.