Compared to our Asian neighbors the Philippine economy is one of the slowest. Year after year the country constantly run a trade deficit. In layman’s term, this means we import more goods than we export them. Which also means more money goes out of the country than the money that goes in.
This is bad. If you can imagine a person spending more than he can produce that person will eventually go bankrupt.
And so that is the direction the Philippines finds itself if not for the OFWs.
An OFW typically leaves the Philippines to seek work abroad not to live comfortably in another country, but instead so that those left behind can live comfortably or atleast sustain their needs.
This is the original intent and as an accidental consequence the country has also benefited.
During the international financial crisis of 2008 and 2009 saw many industrial countries greatly affected. Miraculously, the Philippines economy remained stable. And if you look back the Philippine peso always seem to appreciate during the months of December. This was attributed to the influx of dollars coming from abroad.
You can refer to http://www.gocurrency.com/ to check the historical data.
That’s how powerful OFW remittances are.
It is not easy being an OFW. It involves a lot of sacrifices not only for the family but for the country. But until those left behind can lift the GDP by means of local activity, the country will have to rely on Filipinos abroad to give the economy a little push.
