The Bangko Sentral ng Pilipinas is aiming for a four percent growth in remittance inflows from overseas Filipino workers this year.
Analysts have said OFWs who opted to stay abroad were using savings to subsidize their families at home, but that those reserves have likely been exhausted already. That would explain the minimal decrease in remittances despite the low deployment and the repatriation of some 400,000 OFWs last year, as per the foreign affairs department.
Remittances, which account for nearly a tenth of the country’s annual economic output, help drive consumption and investment in a country known to export labor to foreign nations.
Legislators are debating whether there is need to establish a separate Cabinet-level department to address their plight.
Slower OFW deployment did not mean Filipinos are finding jobs at home, not with joblessness at a record-high of 10.3 percent for all of 2020.