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Tuesday, March 24, 2009

Global OFW deployment, dollar remittances grow despite global crisis

The Department of Labor and Employment (DOLE) today confirmed that both the global deployment of overseas Filipino workers (OFWs) and their dollar remittances to the country’s economy have continued to increase notwithstanding the global financial crisis (GFC).

Labor and Employment Secretary Marianito D. Roque cited the latest report of the Bangko Sentral ng Pilipinas that despite the global financial slowdown, OFW remittances from more than 190 host countries worldwide reached more than US$1.265 billion in January 2009, representing a positive 0.1 percent growth from the same period in 2008.

Roque had cited the earlier confirmation made by the DOLE’s Philippine Overseas Employment Administration that the total global deployment of documented OFWs reached a robust growth to 165,737 in January this year, up worldwide by 25.3 percent, from 132,285 in the same period last year.

“This resoundingly affirms the sustained global preference for our skilled and semi-skilled overseas Filipino workers, and their productive role in staving off the adverse effects of the global slowdown in the greater portion of the world’s economies.”

The Labor and Employment Chief said that in 2008, a record 1.376 million documented OFWs have been deployed in more than 190 host nations globally, while they remitted some US$16.4 billion to the country, the highest in history so far.

Roque said that while there have been concerns about the effects of the recession in some economies on the continued deployment of OFWs, the data provided by the POEA covering January 2009 affirm a double digit growth up by more than a quarter (25.3%) of the previously record remittance figure registered in January 2008.

He pointed to the strength of the country’s bilateral relations and agreements for assuring sustained employment opportunities for OFWs, particularly those entered into by the RP government with major host destinations such as Canada, Australia, Japan – alongside the vibrant outlook of Middle Eastern economies such as Qatar in industries which prefer our skilled and semi-skilled OFWs like health care, education, real estate, and power and energy.

In addition, Roque had dispatched, in a swift response to stave off the adverse effects of the GFC, teams of labor and employment experts to GFC-affected host destinations like South Korea, Taiwan and Dubai to profile and assist displaced OFWs avail of the pertinent assistance including finding alternative employment, and retooling opportunities.

The Labor and Employment Chief, based on the BSP report, cited the United States, Kingdom of Saudi Arabia, Canada, Singapore, Japan, the United Kingdom, Italy, and the United Arab Emirates (UAE) as the top sources of the almost US$1.3 billion the OFWs remitted to the nation’s economy in the first month of 2009.

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