The Philippines has always been known for its people- their kindness, hospitality, and service, that’s why oversees employers prefer hiring Filipinos to do various jobs, such as in healthcare and even home care. Many Filipinos desire to work overseas in order to advance their careers and increase their financial options. To improve their financial situation and provide a better future for their families, Filipinos frequently choose to work abroad.
Filipinos have always been regarded as having a high work ethic. Our overseas Filipino workers (OFWs) are today’s unsung heroes because they support our nation’s economic development through their remittances and, more importantly, because they make personal sacrifices and endure working conditions, risks, and challenges of working abroad to provide a pleasant living for their families.
Overseas Filipino Workers (OFWs) have different stories but studies show that there are some common reasons as to why they choose to work outside the country. To provide for their families, give their children better educational opportunities, escape poverty and unemployment in the country, and gain skills and training that they can use back in the Philippines, to save money and start a business, are some of the most common reasons.
Remittance is the practice by which migrant workers send money to their dependents or family back home. Informally or formally, this money is frequently transferred through methods like wire transfers, money orders, or traveler’s checks. Remittances are a common source of support for OFWs’ families back home.
The Philippine economy is greatly dependent on OFWs. They support the government by paying taxes, and their remittances support the economy of the nation. Additionally, the Philippines gains from their training and abilities by having a better labor force.
Because of their major contribution to the expansion of the Philippine economy, OFWs are revered as the nation’s economic heroes.
Although official remittances make up a small portion of total remittances, the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, anticipated that they would increase by 5% over 2011 to US$21 billion in 2012.
Only seven nations—the United States, Canada, the United Kingdom, the United Arab Emirates, Saudi Arabia, Singapore, and Japan—provided around 80% of the remittances in 2012.
In 2018, the GDP of the nation was 11% of the remittances sent by OFWs. One of the top 5 economies in the world that gains the most from remittances is the Philippines.
Filipinos living abroad sent $32.2 billion home to the Philippines in 2019.
In 2023, the Department of Migrant Workers is expecting a sharp increase in remittances from overseas Filipino workers by the first quarter of the year. This is based on this year’s remittance. In August, the amount of money returned home by overseas Filipino workers (OFWs) increased 4.3% year over year as they took advantage of the peso’s depreciation versus the US dollar.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that in August, cash remittances transmitted through banks totaled $2.72 billion, up from $2.60 billion in the same month last year. Since 4.4% in June, the rate of growth in remittances was at its highest.
In September, OFW remittances rose by 4 percent to $3.15 billion. But the amount of cash that Filipino migrants returned home fell to its lowest level in three months, or since $2.43 billion in May.
The reopening of the Saudi Arabian market, new labor markets in Europe, and a severe labor shortage were the three reasons given by the Department of Migrant Workers for the potential “dramatic increase” in the OFW remittances by next year.
The social and cultural life of the Philippines is also significantly influenced by OFWs. They frequently send money home to support their families, and they also impart their wisdom and experiences to people in the Philippines. The Philippines is fortunate to have OFWs, who continue to significantly benefit the country’s economy and society.
Overseas Filipino Workers (OFWs) have a belief of working hard then sowing its results after. Usually, OFWs tries to relax back at home by travelling around the famous tourist destinations, but if we would really want to help our OFWs, we should encourage them to invest on properties that will benefit them on the near future.
Owning a property in areas situated in near popular destination sites is a good investment. An example is Davao City. The largest city in the world (244,000 hectares), Davao City, is located in the southeast of the Philippines and is known as the country’s orchid capital. Additionally well-known for its fruit, Mt. Apo is the highest peak in the Philippines and home to the monkey-eating Philippine eagle.
The most populated city in Mindanao and the regional hub of the Davao Region, Davao City is also one of the safest places in the world. Luckily, Vistaland is brewing Camella Manors, also known as the affordable condominiums in the queen city of the south! In heavily urbanized areas around the country, the newest mid-rise condominium construction offers top-notch vertical villages with luxurious amenities with a resort feel.
With a goal of dominating the condominium market, Camella Manors makes sure that each project is in a desirable suburban setting, has excellent security and wellness, is very reasonable, and is a wise investment for homeowners. To make their customers’ lives easier, Camella Manors is also conveniently situated near nearby malls, eateries, stores, and other businesses.
Owning a luxury home in Tagaytay City, Cavite is also a good and secure investment. Imagine owning property in the exclusive Lausanne area of Crosswinds Tagaytay. If you buy one of the pre-selling lots for sale in Tagaytay, you might be able to own a property in the Philippines with an international atmosphere. You can enjoy luxury living in Crosswinds by waking up to the smell of pine cones each morning, which will be complemented by a cool breeze.
In addition to having themed restaurants and coffee shops within this world-class neighborhood, it is expected to be a profitable real estate investment in the future due to the anticipated growth of vineyards, strawberry fields, and wineries that could eventually exist.
A pre-selling lot for sale in Tagaytay is not only a great investment, but it also gives you the chance to construct a Swiss chalet-style home on the property, which you can use as a retirement home or a getaway refuge whenever you please.
Many Filipinos prefer to work as overseas Filipino workers (OFWs) despite the hazards because they think it is the greatest way to better their lives and the lives of their families. They are prepared to put their lives in danger to accomplish this aim in whatever way necessary. OFWs play a significant role in the Philippine economy and provide numerous benefits to the nation. They are motivated to achieve despite the many obstacles they face. By providing financial support, giving off your time, and spreading awareness of their plight, you may assist them. OFWs can be more successful in reaching their goals and bettering the lives of their families with the right training and support.
Suggested Read: The Cost, Benefits, And Tips Of Remote Working
Suggested Read: Serviced Residences For OFWs Checklist
Suggested Read: OFW Parents Pre-Retirement Goals
Suggested Read: Build Build Build Project Updates
