REMITTANCES from Overseas Filipino Workers (OFWs) surged to a record $38.34 billion in 2024, marking a 3% increase from the previous year, according to the recent data from the Bangko Sentral ng Pilipinas (BSP).
December remittances reached an all-time high of $3.73 billion, up from $3.62 billion in 2023, as OFWs sent more financial support to their families during the holiday season. These remittances accounted for 8.3% of the country’s Gross Domestic Product (GDP) and 7.4% of Gross National Income (GNI).
The United States remained the top source, contributing 40.6% of total inflows, followed by Singapore (7.2%) and Saudi Arabia (6.4%). Other key contributors included Japan, the United Kingdom, the United Arab Emirates, Qatar, Taiwan, South Korea, and Canada.
Despite the economic benefits, OFW Party List Rep. Marissa “Del Mar” Magsino underscored the need to safeguard the rights and welfare of both land- and sea-based workers.
“Ang record-high remittances ay patunay ng sakripisyo ng ating mga kababayang OFW. Ngunit higit sa bilang, kailangang matiyak natin na ang kanilang pagsisikap ay humahantong sa pangmatagalang seguridad para sa kanilang pamilya,” Magsino said.
Rep. Magsino said government agencies must ensure commensurate programs and services for the welfare of OFWs and their families in light of their immense economic contribution.
She also stressed that while OFWs play a crucial role in economic growth, the government must not always depend on labor migration and should instead strengthen economic opportunities within the country. She also called for stronger reintegration programs and more job opportunities in the country.
“Tulad ng itinataguyod ko sa OFW Party List, dapat bigyang-diin ang mga programang makakatulong sa kanilang reintegration at paglikha ng mas maraming trabaho sa loob ng Pilipinas, upang ang pangingibang-bansa ay maging isang opsyon lamang at hindi isang pangangailangan,” she added.
