This Christmas Day, in the spirit of gift giving, I recall especially this country’s Overseas Foreign Workers (OFWs) -the new heroes- who continue to keep our economy -everybody else- liquid and afloat. They may not have had such expansive intention when they went abroad but regardless this is the positive spillover effect of their choice, and for that we are thankful.
(In) March (2014), the personal remittances of (10M) Overseas Filipino Workers (OFWs) amounted to $2.08 billion. Their regular remittances help make the foreign currency reserves of our Bangko Sentral ng Pilipinas one of the largest among the world’s central banks. That the Philippines has an impressive Balance-of-Payments record–aside from our impressive rate of GDP growth (driven mostly by the active shopping in malls, department stores and public markets of our OFW families)–is why we are given high credit ratings by Standard and Poor’s, Moody’s and Fitch.
Their remittances have and continue to induce spending hence investments which in the context of growing the economy is what this country needs-
OFWs and their families are not only the consumer targets of SM but also similar corporations in our country, including the Ayala, MetroBank and Robinson groups. They are opening malls and shopping outlets all over the country as well as various forms of housing developments.