Remittances to plunge by $6B, 400k OFWs to lose jobs in 2020 – business.bilyonaryo.com.ph
Virus, oil price plunge to cut 400-k OFW jobs - businessmirror.com.ph
DOLE: Almost 200k displaced OFWs refuse to return to PH - globalnation.inquirer.net
Over 1 M OFWs to lose jobs by 2021 - news.mb.com.ph
DOLE: Almost 200k displaced OFWs refuse to return to PH
Despite being displaced from their jobs abroad, around 200,000 overseas Filipino workers (OFWs) still opt to stay in their host countries and not return to the Philippines, the Department of Labor and Employment (DOLE) said Tuesday.
The roughly 200,000 OFWs are part of the 341,161, who were either terminated from their jobs or cannot report to work due to lockdowns imposed, DOLE Secretary Silvestre Bello III said during an online Palace briefing.
“Ngayon, doon sa 341,000 na ‘yan, magtataka kayo na only 95,000 are stranded. Sabihin niyo sa akin, what happened to the more than 100,000? I will tell you, I myself am surprised that more than, almost 200,000 of them do not want to come home. Ayaw umuwi.”
(Of the 341,000, you will wonder that only 95,000 are stranded. You will ask me, what happened to the more than 100,000?
I will tell you that I myself am surprised that more than, almost 200,000 of them do not want to come home. “They’d rather stay there. Especially those coming from America and from Europe— Rome, Madrid, United Kingdom. Ayaw magsiuwi,” he further said.
Remittances to plunge by $6B, 400k OFWs to lose jobs in 2020
The global recession due to COVID-19 is expected to hammer remittances and force overseas Filipino workers out of their jobs, according to former Socioeconomic Planning Secretary Cielito Habito. Citing data from the Ateneo School of Economics, Habito said remittances were expected to fall between $3 billion and $6 billion this year after soaring to a record $33.5 billion in 2019.
With the United, Europe and the Middle East economies on their knees due to the pandemic, Habito expected between 300,000 and 400,000 OFWs to lose their jobs.
“This is the sheer impact of the coronavirus on the world economy,” said Habito in an interview with ANC. But Bangko Sentral ng Pilipinas Governor Ben Diokno is more optimistic about remittances, citing the OFWs resiliency in past global meltdowns.
Virus, oil price plunge to cut 400-k OFW jobs
THE coronavirus 2019 (Covid-19) pandemic that has paralyzed economies, and the decline in oil prices could render as many as 400,000 overseas Filipino workers (OFWs) jobless, experts said at the weekend. This in turn would slow consumption, the primary driver of Philippine economic growth, this year.
In an Ateneo de Manila University (ADMU) policy brief, Ateneo Center for Economic Research and Development (ACERD) Director Alvin P. Ang and Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano estimated around 300,000 to 400,000 OFWs will be laid off or suffer pay cuts due to the pandemic.
Ang and Opiniano said this will likely cut the remittances from OFWs by 10 to 20 percent or as much as $3 billion to $6 billion, “the steepest decline in remittances in Philippine migration history.” This means remittances could only reach $24 billion to $27 billion this year from $30 billion in 2019.
Over 1 M OFWs to lose jobs by 2021
A total of 1,005,031 overseas Filipino workers (OFWs) may be displaced by December, 2021, because of the coronavirus disease (COVID-19) pandemic, the Department of Labor and Employment (DOLE) told the House of Representatives on Friday.
Alice Visperas of the DOLE-International Labor Affairs Bureau (ILAB) revealed the expected job loss during her presentation at the virtual hearing of the House Committee on Overseas Workers’ Affairs (OWA) Friday afternoon.
“The sea-based OFWs are 40 percent, while the other 60 percent are land-based,” Visperas said of the figure.
DOLE data showed that the actual OFW displacement as of May, 2020, was already 323,537, with 238,362 coming from the Middle East alone.
By the agency’s projection, the number will rise to 609,317 by December, 2020; 846,429 by June, 2021; and 1,005,031 by December, 2021.
Of the final figure, 32,474 OFWs will have come from Asia; 170,526 from Europe and the Americas; and 801,531 from the Middle East.
Visperas gave the presentation in response to observations from committee members during last week’s hearing that DOLE supposedly lacked long-term projections or plans in connection with OFW displacement amid the global health crisis.