The OFWs Impact on Philippines Economic Growth скачать в хорошем качестве

The OFWs Impact on Philippines Economic Growth

Overseas Filipino Workers, commonly known as OFWs, have long been celebrated as the country’s modern-day heroes. Every year, millions of Filipinos leave the comfort of their homes and families to work abroad, often in unfamiliar and challenging environments, driven by the hope of providing a better future for their loved ones. But beyond the emotional sacrifices and personal struggles, OFWs have become a crucial pillar of the Philippine economy, quietly powering national growth through their relentless hard work and billions of dollars in remittances. In 2024, personal remittances from OFWs reached a record high of $38.34 billion, marking a 3% increase from the previous year. These remittances accounted for 8.3% of the country's Gross Domestic Product (GDP) and 7.4% of Gross National Income (GNI), underscoring their vital role in the Philippine economy. ​ The United States remained the top source of remittances, contributing 40.6% of the total, followed by Singapore, Saudi Arabia, and the United Arab Emirates. December 2024 alone saw remittances surge to $3.73 billion, the highest monthly inflow on record, as OFWs sent additional funds for holiday expenses and family support. ​ These remittances serve as a lifeline for many Filipino households, funding education, healthcare, housing, and small businesses. On a macroeconomic level, the consistent inflow of foreign currency stabilizes the peso, supports the banking system, and bolsters consumer spending - one of the key drivers of the Philippine economy. Don't forget to subscribe to Data Pride for more informative videos. ✅Subscribe: https://bit.ly/3CkvjPF DISCLAIMER: This informative video is based on public data, surveys, public comments & discussions and approximate estimations that might be subjected to some degree of error. Numbers and facts listed may not be up to date. All videos featured on Data Pride channel are for educational and informational purposes. If you have a good idea for a video, leave us a comment or you contact us at dataprideworld@gmail.com! Thanks for watching and subscribing to our channel. Several segments are licensed under creative commons - https://creativecommons.org/licenses/... comparison video, top 10, in the world, in this video, What if, vs, military power, history, why, country, @datapride ​