The AKO-OFW partylist emphasized that the country needs larger OFW remittances to compensate for the withdrawal of foreign investors’ funds.
According to the Bangko Sentral ng Pilipinas (BSP), foreign capital outflows have continued since January, reaching $283.69 million. Therefore, AKO-OFW Partylist 1st nominee Dr. Chie Umandap sees the importance of growing OFW remittances to match the outflow of dollars from foreign investors.
Overseas Filipino Workers (OFWs) play a significant role in boosting the country’s economy, according to Dr. Chie Umandap, AKO-OFW chairman and former OFW. Therefore, they deserve government benefits such as the OFW-Pension plan, OFW-Discount, OFW-Pabahay, and more.
Dr. Umandap stressed that merely labeling OFWs as “new heroes” is insufficient. Instead, the government should demonstrate genuine concern for their welfare, not just when they die or when their cases go viral.
The BSP reported that gross inflows grew by 6.8% to $1.31 billion in January, up from $1.24 billion in the same month in 2024. This represents a 25% increase from the $1.06 billion in December 2024.
Meanwhile, remittances from January to November 2024 reached $34.61 billion, equivalent to P1.83 trillion, showing a 3.0% increase compared to the $33.59 billion, equivalent to P1.79 trillion, recorded during the same period in 2023.”
