Remittances from US down by $1.2 B

Filipinos working in the United States are holding on to their dollars and are sending less money home.

Remittances from overseas Filipino workers (OFWs) in the US fell by $1.2 billion (roughly P60 billion) in the first 11 months of the year, according to the Department of Labor and Employment (DOLE).

In a report to Manila, labor attaché to Washington Helen Custodio said the more than two million OFWs in the US sent home only $3.7 billion to their families from January to November. Remittances during the same period last year reached $4.9 billion.

Custodio said OFWs have opted to send less this year despite the stable labor situation for foreign workers in the US.

"The remittances are 25 percent short, but in terms of earnings, I don’t think Filipinos are feeling the impact of the Sept. 11 attacks," she said.

Earlier, Labor Secretary Patricia Sto. Tomas downplayed predictions of a drop in remittances from OFWs, saying they usually come in trickles in the first months of the year and then shoot up during the Christmas holidays.

Remittances are expected to double this month when OFWs send large amounts of dollars to their families, she said.

For her part, Custodio said she also expects brighter employment prospects for foreign workers in the US despite new legislation.

She said the new Aviation Security Act, which prohibits the hiring of non-US citizens in international airports, will have minimal effect on Filipinos.

"We don’t anticipate a lot of OFWs to be affected. Those who would be affected can easily find other jobs," Custodio said.

She noted the US will be needing an additional 2.2 million teachers over a 10-year period. Also in demand are care-givers, a job that many Filipinos are highly qualified to perform.

OFWs are considered by the government as unsung heroes, sending home annually some $7 billion, which buoys up the economy in times of global economic slowdown.