EDITORIAL - Record high

About 10 million Filipinos working overseas remitted a record high $26.924 billion last year – a 6.2 percent increase from 2013 levels, according to the Bangko Sentral ng Pilipinas. An estimated 1.6 million OFWs were deployed last year, the BSP reported, with the Middle East still the top destination for Filipinos.

Remittances from overseas Filipino workers boost consumer spending and contribute to strong economic figures. The OFW phenomenon, however, has its social costs. As even Pope Francis remarked during his visit last month, migration can take a heavy toll on families. Children grow up without parents, and long periods apart can break up marriages.

Consumer-led growth powered by remittances can also reinforce resistance to the many reforms still badly needed particularly in the political and economic spheres. These reforms are necessary to make growth inclusive and improve national competitiveness.

No one wants to be away for months or even years from loved ones. While there are OFWs who enjoy working overseas and even settle abroad permanently, there are also horror stories of labor exploitation, sexual assault and physical abuse. No one wants to be vulnerable to abuse or be treated as a second-class citizen in a foreign land. Several of the OFW host countries have become hotbeds of extremist violence.

High OFW remittances should not slow down efforts to create decent jobs and livelihood opportunities right here in the Philippines. Reforms are needed to attract more investments that will create decent jobs particularly in manufacturing. Agriculture and related areas such as fisheries and forestry must be boosted to create sustainable livelihood opportunities. Tourism and its downstream enterprises can create meaningful jobs and increase incomes in the countryside. Filipinos are not lacking in creativity; it must be tapped and given support to develop creative enterprises.

OFWs have been hailed as heroes for contributing to the health of the Philippine economy. The best way to repay this heroism is by creating the opportunities that will allow them to make a decent living right in their own country.