Overseas Filipino workers (OFW) earn the title of “bagong bayani”(new hero).

They leave
their country to sacrifice and increase their income, so that their family will have a better life
and to raise above poverty. They also contribute so much to boost the economy or the gross
domestic product (GDP) of the Philippines. (According to Melissa Luz Lopez a senior
reporter) Bangko Sentral ng Pilipinas (BSP) reported Monday, signalling continued growth of
household spending that contributes close to 60% to gross domestic product (GDP).

Overseas Filipino workers (OFWs) sent home $2.469 billion in cash that month, up 6.9%
from the $2.31 billion received in May 2017.

In a statement, the BSP said cash remittances from land-based workers grew by 5.3%
year-on-year to $1.9 billion, alongside a bigger 13.2% jump in amounts wired by Filipinos
working at sea.

By source, remittances from the United States, United Kingdom and Singapore were the
“main drivers of growth” that month.

Michael L. Ricafort, economist at the Rizal Commercial Banking Corp., said OFWs may have
taken advantage of currency movements “to get more peso proceeds,” effectively boosting
household incomes and spending power of their families back home.

The Philippine is one of the country, who deployed people or Filipino abroad for work.
(According to the results from 2018 survey on overseas Filipino).The number of Overseas
Filipino Workers (OFWs) who worked abroad at anytime during the period April to
September 2018 was estimated at 2.3 million. Overseas Contract Workers (OCWs) with
existing work contract comprised 96.2 percent of the total OFWs during the period April to
September 2018.The rest (3.8%) worked overseas without contract.

There were more females than males among the OFWs, with the female OFWs comprising
55.8 percent of the total OFWs. Female OFWs were generally younger than male OFWs,
with about half (47.5%) of the female OFWs belonging to the age group 25 to 34 years. In
comparison, male OFWs in this age group made up 38.9 percent. Male OFWs aged 45
years and older accounted for 21.2 percent of all male OFWs while their female counterparts
in this age group made up 14.5 percent.