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OFW remittances, continue to recover amid pandemic

Due to the extensive vaccination programs of host countries where there are many Overseas Filipino Workers (OFWs) and the economic opening of many countries in the world, OFW remittances have recovered this year despite the pandemic.

The Bangko Sentral ng Pilipinas (BSP) announced that in the first four months of 2021, OFW remittances reached $11 billion or 5.1% higher than the $10.49 billion in the first four months of 2020.

The World Bank estimated that OFW remittances fall to 20% last 2020 due to the unemployment of many migrant workers around the world.

Global remittances remained stable despite lockdowns in the Middle East, the United States, Europe and other countries.

Even though more than 400,000 OFWs have been repatriated since the pandemic began, foreign employers still have a great need for Filipino workers.

With the opening up of the economies of many countries, many OFWs are also returning to their host countries, mapa-landbased or seabased migrant workers.


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