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Wonder how much OFW remittance adds up to and where they come from?

Cbanga360.Net - The Bicol Street Journal

Published         3 Nov , 2016      5:36 am          214 views.

Wondered how much Overseas Filipino Workers Remittance adds up to and where they come from?

Here’s a dated infograhic presentation showing an increase of OFW remittance beginning 2013 sourced from data provided by the Bangko Sentral ng Pilipinas.

Philippine-based banks and financial remittance companies processed about $26.2 billion or P1.20 trillion in 2014, slightly higher compared to the $25.35 billion or P1.13 trillion in 2012.

Of these amount, land-based workers sent in $18.7 billion or P834.96 billion as compared to seafarers with remittance of $5.6 billion or P250.04 billion.

That figure gives the government a ‘high’ feeling that its agency tasked at exporting labor, the Philippine Overseas Employment Administration, disclosed more Filipinos are getting deployed abroad.

In 2014, 1.6 million OFWs landed in foreign soil for jobs that the government can not provide.

Among jobs Pinoys grab include those involving service, production, professional, technical and related chores in Saudi Arabia, Kuwait, the United Arab Emirates, Taiwan and Qatar.

It is not a surprise that with the exodus of workers and talents, the Philippines ranked third in the world receiving money remittance. It is behind number one India and seconder China.

World Bank said that these OFW remittances accounted for 8.5% of the national Gross Domestic Product (GDP) in 2013.

It should be noted that senders of money from the United States of America come mostly from American citizens with relatives and families in the Philippines. That is, Filipinos who have renounced their Philippine citizenship and pledged allegiance to the stars and stripes. But some, though, opted to maintain dual citizenship.

Good to learn that as of the 2010 data, there are 3.4 million Filipinos living in the USA. It is the second largest Asian group after the Chinese.

Imagine, out of these 3.4 million ‘overseas’ Filipinos, more than half of which should be adults, many are remitted hard earned dollar to the Philippines at the tune of P463.2 billion in 2013 alone!

Can the same number of Filipinos living in the Philippines produce that much of money?

Infographic source courtesy of iMoney at http://www.imoney.ph/articles/ofw-remittances-philippines-infographic.

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