OFW remittances up in May – BSP

By Mayvelin U. Caraballo, Manila Times

July 16, 2022

THE amount of money sent home by overseas Filipino workers (OFWs) increased to its highest level in two months in May, according to data released on Friday by the Bangko Sentral ng Pilipinas (BSP).

Personal remittances, or cash or kind transfers between families, reached $2.70 billion in the fifth month of 2022, up 1.27 percent from $2.67 billion in April and 1.99 percent from $2.65 billion in May 2021. Since the $2.88 billion sent in March of this year, this was the most OFs ever sent.

The expansion over a year ago in May was related to remittances from land-based employees with contracts lasting one year or more, as well as from sea- and land-based employees with short-term contracts.

The total amount of remittances for the first five months of the year was $14.02 billion, a pickup of 2.5 percent from $13.68 billion from January to May 2021, according to the latest numbers.

Cash remittances, meanwhile, totaled $2.42 billion in May, accelerating 1.25 percent from the month before and 1.80 percent from $2.38 billion a year earlier.

The central bank said the year-on-year expansion in April "attributed to remittances from land-based workers on one year or longer contracts, and from sea- and land-based workers on short-term contracts."

From January to May 2022, cash remittances saw an uptick of 2.5 percent to $12.59 billion from $12.28 billion in the previous year.

The growth in cash remittances from the United States, Saudi Arabia, Japan, Qatar and Singapore, the BSP pointed out, contributed significantly to the growth in remittances in the first five months of 2022.

The Bangko Sentral kept its outlook of a 4-percent rise in cash remittances this year, noting the sector's long-term growth trend, expanding deployment as a result of employers' renewed interest in hiring OFWs and rising usage of digital financial services among OFs and their dependents.

Struggles Abroad

From the first moment I have been involved with Filipinos I thought that there must be a reason why they detached themselves from their loved ones... only to be enslaved in a foreign country.

Look through a migrant worker's life and agree with me: being an overseas worker is not easy. But for innumerable Philippine families, it seems the only way to survive financially.

Oversea workers have to deprive themselves of many things they used to enjoy at home - physically, mentally, emotionally, socially, and even spiritually. Some of them go to the extent of sacrificing one's cherished profession in order to reach that proverbial greener pasture, to cross the poverty line and have a fraction of taste of the "God's' comfortable living.

When one goes abroad, his toughness as a person is put to a test. both, an older timer and a neophyte suffer the same illness every now and then: homesickness, especially when one doesn't receive any news from home any more. Moods become utterly dull and dispositions are greatly affected.

Of course, sometimes unexpected news from home "go abroad": death of a family member, the husband is womanizing or the wife having a paramour; the child is being hospitalized, the house robbed of products of sweat and tears, natural calamities, and many others. And, as I know from many Filipinos abroad, added to these is the knowledge that sometimes hard-earned money is just spent wastefully by the recipients, despite repeated reminders that working abroad is not lifetime.

With these uncalled for events, sometimes you can do nothing but close your eyes, secretly shed tears, have deep sighs and call for someone "up there" for make you stronger and ask for hope. My good friend Arvie, who experienced her first weeks as a nurse in Vancouver in Canada sent me the following lines:

"When things go wrong as they sometimes will, when the road you're trudging seems all uphill, when the funds are low and the debts are high, and you want to smile but you have to sigh, when care is pressing and you lay down a little bit, rest if you must, but never quit!"

How very true, because in working abroad, one is confronted with equally exhilarating daily crosses, deal with hard-to-spell employers, perform boring, routinary, round-the-clock-chores, overcome fatigue, but always doing the very best to adapt to the culture of the new place.

After these sufferings, it is every migrant worker's wish, that his crosses overseas will be rewarded after several years - rewards happily shared by the whole family, the community and by the nation as a whole.

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(Republished from MINDANAO DAILY MIRROR, Friday May 11, 2012: my regular column IN MY OPINION).

 

SMART warns: Don't Be Duped By Scammers

I am glad. I received a press release from Reena J. Villamar, SMART Public Affairs. Very important. I like to share it with you:

Scammers usually target families or relatives of overseas Filipino workers (OFW's), or those who receive regular remittances from abroad. Senders of hoax texts usually claim to be family members, relatives and friends.

"They would pretend to be a family member or a relative, and ask victims to deposit a certain amount of money to various bank or e-money accounts, The money is supposed to help them during an emergency situation, such as escaping from a cruel emplyer by buying a ticket, or money for a medical treatment", said SMART Public Affairs Group Head Ramon R. Isberto.

"Since the initial reaction is almost always to help fraud victims send money as soon as possible, without confirming the facts with their family members first. When they relaize everything, it's too late", he added.

To avoid falling victim to scammers and losing hard-earned money, text messages or calls (and even emails) from unknown people should be double-checked and confirmed - or just ignored. 

Thanks a lot for reminding Reena J. Villamor, SMART Public Affairs.