How much of the Philippines' economy comes from Overseas Filipinos? (country, places)
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Philippines is the fourth largest recipient of official remittances after China, India, and Mexico.[12] OFW remittances represent 13.5% of the country's GDP, the largest in proportion to the domestic economy among the four countries.[14] OFW remittances is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as Fitch and S&P.[15]
Remittances probably end up in the right hands on average much more often than for other industries in the Philippines since remittances are generally going straight to family that you intend the funds to go to. What the family does with that money is another story.
Remittances probably end up in the right hands on average much more often than for other industries in the Philippines since remittances are generally going straight to family that you intend the funds to go to. What the family does with that money is another story.
I would strongly agree. Family is a much stronger bond in the Philippines than you might find in other places. Large families are common. My friend is from a very large family. She herself spent 9 years working overseas to send money home to her family. She currently has 3 sisters working in the middle east and sending money home each month.
Some have children also at home and their nieces, nephews, sisters, brothers all take care of them. My friend is usually playing nanny to up to 7-8 kids between the ages of 1 and about 15.
Without the remittances, there would not be enough money for food. The jobs are few and the wages are low so working overseas is one of limited options available. Getting paid 800 dollars a month to work aboard a ship sounds like a great deal to many. And they will usually send much of that home to the family.
Essentially the Philippines is a failed third world state that cannot for many reasons create an economy that benefits most of its citizens. You will find many people with university degrees that are basically worthless. You will find them in the malls and fast food outlets working six days a week ten hours a day earning the equivalent of 60 to 100 dollars a month.
So you have thousands of Philippine women and men working as OFWs all across Asia and the Middle East. You might make 300 USD a month quite a bit of money by Philippine standards but still working with one day off and long weekday hours. Our friend worked as an OFW in KL Malaysia for three years and never had a single day off.
Checked how much fillipino workers earn in Macau , Hong Kong, South Korea, Japan, Singapore and Middle East countries.
Found most ordinary jobs not requiring college education and entry jobs for college graduates in most of Mainland China and Malaysia pay a bit or slightly lower than most filipinos working in the these places.
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