Manna from heaven coming soon? The country’s sagging economy hopes to get a boost by yearend as overseas Filipino workers (OFWs) are expected to remit some $600 million (P30 billion) in time for the holidays.
The Department of Labor and Employment (DOLE) announced over the weekend that it expects an 8.1 percent increase in dollar remittances this year because more skilled Filipino workers left to find employment abroad.
Labor Secretary Patricia Sto. Tomas said OFWs remittances are expected to reach $8 billion this year, or $600 million higher than the $7.4 billion remitted in 2000.
"It’s a good thing that more highly skilled workers are being deployed so we could expect higher remittances this year," Sto. Tomas pointed out.
DOLE earlier reported an 18.75 percent drop in OFWs remittances for the first quarter of the year but officials attributed the drop to expectations that the peso would depreciate against the dollar.
During the first three months of the year, OFWs sent home only $1.3 billion, way below the $1.9 billion posted during the same period last year.
But Sto. Tomas expressed optimism that OFWs’ remittances would bounce back in the last quarter of the year because OFWs normally send more money to their loved ones during the Christmas season.
The government is also hoping to post an increase in the deployment of construction workers to the Middle East, especially in Iraq which has forged an agreement with the Philippines to intensify cooperation in the areas of engineering and construction.
Trade and Industry Secretary Manuel Roxas II made the announcement after meeting with Iraqi Minister for Housing and Construction Ma’an Addallah Ibrahim Sarsam.
Iraq will reportedly need some $5.5 billion worth of essential goods and construction services as part of its "oil-for-food" program with the United Nations.
The Iraqi government is also looking to construct some 500 settlements and are linking up with Filipino firms in providing manpower and engineering services.