The global economic crisis continues to prevail. This economic downturn puts pressure on the wages of the Filipinos working overseas. Hence a drop in the OFW remittances has been observed especially from the traditional major sources like the United States, Europe and the Middle East.
The graphs hereunder indicate a comparison of the monthly remittances from the OFWs and the sources of these remittances.
Money sent home by our fellow Filipinos working abroad is of great importance to the economic growth of the Philippines in general, and of the family recipients in particular. Newspaper reports have said that the remittances sent by Filipinos working overseas have placed at least four million Filipinos out of poverty.
