For many Filipinos, 2023 is a new year faced with the same economic challenges from 2022. Continuous inflation has unfortunately made many Filipinos familiar with food and job insecurity issues by now. Know more:
For many Filipinos, 2023 is a new year faced with the same economic challenges from 2022. Continuous inflation has unfortunately made many Filipinos familiar with food and job insecurity issues by now.
Despite this, experts are hopeful that recent developments could still favor OFWs and remittances. Labor shortages around the world have led host countries to reopen their borders and express more demand for migrant workers, particularly in the healthcare and recreational industries. From January to September 2022, 760,000 OFWs were deployed, marking a 40 percent jump from 2021.
For OFWs, there is the added challenge of helping their families maximize remittances back home while also budgeting for themselves abroad. Most times, the feasible way through is for workers to make the most of their hard-earned income as they work towards better opportunities. for its active members and their beneficiaries. These include medical insurance, livelihood assistance, and scholarships for dependents.Sending the right amount of money can make a difference. Sending big or small amounts at a time each has its pros and cons. Smaller and more regular transfers are often easier to budget. On the other hand, transferring larger amounts once in a while could be maximized when foreign exchange rates are high.
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