More than the remittances they are sending home, Overseas Filipino Workers (OFWs) are helping boost the country’s economy with their lavish spending.
The Trade Union Congress of the Philippines (TUCP) said Filipino workers abroad contribute considerably to the national economy through increased direct spending when they come home for vacation.
“Each OFW easily spends money equal to a month or two months’ pay during their vacations because they try to make up for their long absences by spending lavishly for their families,” TUCP secretary general and former senator Ernesto Herrera said.
Herrera also noted that the biggest direct consumption spenders among Filipino workers are Filipino engineers, nurses, sailors and airline staff due to their considerable disposable income and ready access to cheaper consumer credit.
However, unlike the remittances OFWs send back home the spending Filipino workers do when they come home “is largely hidden” and blends with the rest of the country’s domestic consumption spending, Herrera said.
“What is clearly not reflected in the remittances captured by banks is the increasing amount of money being spent here by OFWs, including spending through credit cards that benefit primarily the food, entertainment, leisure and health care industries,” he said.
According to Herrera, US-based Filipino workers — particularly those who have gained permanent resident status in the US — spend mainly via credit cards when they are here.
“An increasing number of Filipino families that depend on remittances from the US are no longer getting their money bank-to-bank. They now simply spend and charge a certain amount every month to a supplementary card and the expense gets paid by the primary card holder in the US,” he said. —-Mayen Jaymalin with AP
It’s women’s month!
“Support women every day of the year!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour