The Benefits And Repercussions Of Filipino Workers Working Overseas On The Economy Of The Philippines: [Essay Example], 567 words GradesFixer

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The Benefits And Repercussions Of Filipino Workers Working Overseas On The Economy Of The Philippines

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The Philippines is one of the most undeveloped countries in Asia and belongs as one of the third world countries. In 2009, 26.5 percent of the total population is living below the poverty line. Those living below the poverty line are unable to afford their basic needs such as food, clothing and shelter for their daily survival.

What does it mean to be a third world country? The Philippines, as a third-world country, experiences various problems such as corruption, unemployment and crimes, which hinders its development and further worsens its current situation. Its people suffer from different aspect in life especially financial problem that causes Filipinos to seek for money to sustain their needs but because of less opportunity that is offered in their own country, they go abroad to work and find jobs for their family here in the Philippines and they called as Overseas Filipino Workers (OFW).

An Overseas Filipino is a person of Filipino origin who lives outside of the Philippines. This term applies to Filipinos who are both abroad indefinitely as citizens or permanent residents of a different country, and to those Filipino citizens abroad for a limited, definite period, such as on a work contract or a student. It can also include seamen and others who work outside the Philippines but are not residents, either permanent or temporary, of another country. As a result of this migration, many countries have substantial Filipino communities. In 2013, the Commission on Filipinos Overseas estimated that approximately 10.2 million Filipinos worked or resided abroad. In the census year of 2010, about 9.3 percent of Filipinos worked or resided abroad.

In every part of the world Filipinos can be found. They are serving the country where they live and the country where their savings came from because of hard work but does it mean that they forgot where they originated? And doing nothing to help their own country because they are far away?

Overseas Filipino Workers can be considered as one of our modern heroes. They both help their family and country through remittances. Remittance is a transfer of money by a foreign worker to an individual in his or her home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers’ remittances are a significant part of international capital flows, especially with regard to labour-exporting countries.

“Remittances remain an especially important and stable source of private inflows to developing countries, as they bring in large amounts of foreign currency that help sustain the balance of payments in each country like the Philippines,” said Dilip Ratha, Lead Economist, Migration and Remittances, at the World Bank’s Development Prospects Group and Head of the Global Knowledge Partnership on Migration and Development (KNOMAD).

The study is made in order to discuss, give light and clarification associated with the impact of OFW remittances on Philippine economy, the different positive and negative effects that we can get. Understand how government supports our OFW’s and where their remittances are being used in our country. The research is important to every citizen of the Philippines to be able for them to know who OFW are in the field of economy and for our modern heroes, the OFW to be recognized and give importance for they are one of the reasons why Philippine economy survives.

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