Wala nang Maipadala ang mga OFW na nawalan ng Trabaho dahil sa COVID19 Pandemic

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Job Losses Drain Overseas Money That Helps Fuel the Philippines-Bloomberg

PH braces for 26,000 OFWs arrivals next few weeks-Yahoo News

Job Losses Drain Overseas Money That Helps Fuel the Philippines-Bloomberg


For millions of Filipinos, money sent home by a relative working overseas can make the difference between hunger and survival. This year, those funds may not arrive.

With coronavirus bringing the global economy to a standstill, planes carrying workers from abroad back to the Philippines have become a common sight at Manila’s airport. The government has repatriated more than 17,000 Filipinos who lost their jobs because of lockdowns abroad. Thousands more are believed to have returned on their own, while others who’ve lost jobs choose to wait it out overseas.

Beverly Pacultad, 40, returned March 23 from Hong Kong, where she’d been employed as a domestic helper.

The mother of three had arrived in Hong Kong in November, hoping to save enough to send her oldest daughter to college. She earned twice as much looking after a toddler there as she did as a teacher in Manila, and was able to remit about 40,000 pesos ($788) to her family. When the pandemic struck and Hong Kong shut schools and businesses, her employer -- a Chinese family -- decided to return to the mainland, no longer needing her services.


“My family depends on me,” Pacultad said. “My situation flashed before me: Now I don’t have a job.”


Essential Support

The worldwide surge in job losses is upending the $690 billion global remittance industry, an essential support for many developing economies. Citigroup Inc. estimates that global flows could plunge by as much as $100 billion under a worst-case scenario.

Remittances to the Philippines reached $30 billion last year, making it one of the biggest foreign-exchange earners after exports. Remittances amount to about 10% of the country’s gross domestic product, a far higher proportion than in places like India and China, which also have vast numbers of citizens working abroad.

The remittance flow to the Philippines hasn’t declined in any year since 2001, not even during the global financial crisis, according to central bank data. This year it may fall 30%, the country’s former economic minister said earlier this month.

“In the past, the diverse spread of overseas Filipino workers globally has supported remittances” even during crises, Sanjay Mathur, a Singapore-based economist at Australia & New Zealand Banking Group Ltd., wrote in a recent report. The pandemic has spread so widely “that there are almost no pockets of growth in any geography which hosts a meaningful share of remittances.”

More than 2 million Filipinos, from a total population of about 100 million, head abroad for work each year,most aslaborers or service and sales staff. The country also supplies a quarter of the world’smerchant marineworkforce.

The Philippines is the fourth-largest recipient of remittances globally, according toWorld Bank data. About 75% of that money is spent, with much going for essentials like food, education and health care, according to ANZ’s Mathur.


Source: https://www.bloomberg.com/amp/news/articles/2020-04-20/job-losses-drain-overseas-money-that-helps-fuel-the-philippines?__twitter_impression=true&fbclid=IwAR0Eg5nI7p1QDsP1O7xKQkGSraFIcpa6qjAEG5NmSoQWd8cca_Q-MCgvWhw


PH braces for 26,000 OFWs arrivals next few weeks-Yahoo News

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Read: https://www.bloggersjournalph.com/post/ph-braces-for-26-000-ofws-arrivals-next-few-weeks-yahoo-news


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