'Sharp increase' in OFW remittances seen in Q1 2023 - DMW

ABS-CBN News

Posted at Nov 30 2022 02:50 PM

Overseas Filipino workers queue at the departure area of the Ninoy Aquino International Airport Terminal 1 as they process their travel documents for their overseas trip on May 31, 2021. Jonathan Cellona, ABS-CBN News/File
Overseas Filipino workers queue at the departure area of the Ninoy Aquino International Airport Terminal 1 as they process their travel documents for their overseas trip on May 31, 2021. Jonathan Cellona, ABS-CBN News/File

MANILA — The Department of Migrant Workers is expecting a "sharp increase" in remittances from overseas Filipino workers by the first quarter of 2023.

"I think we are looking at a sharp increase in remittances by the first quarter of 2023," DMW Secretary Susan "Toots" Ople told ANC's "Headstart" Wednesday.

"Unless any cataclysmic event occurs, we are looking at perhaps, may I be optimistic? Baka doubling of remittances," she added.

Personal remittances by Filipinos working abroad grew 4 percent in September to $3.15 billion, according to the Bangko Sentral ng Pilipinas.

The increase in personal remittances was due to remittances sent by land-based workers with work contracts of 1 year or more and sea- and land-based workers with contracts of less than 1 year, the central bank said in a statement.

Ople cited 3 reasons for the possible "sharp increase" in remittances by next year: the reopening of Saudi Arabia market, new labor markets in Europe and acute labor shortage.

The Middle East state, the DMW chief said, is "the biggest labor destination country" of migrant Filipino workers.

In the first quarter of next year, the Philippines will also open new labor markets in Portugal, Romania and Hungary, she said.

In particular, Portugal is in need of workers especially in the tourism sector, Ople said.

"Sabi sa akin, they're not even thinking of imposing a quota kasi they badly need workers [in] all [areas]," she said.

The DMW chief said European countries are also facing an acute labor shortage.

"Their young people migrating and some don't want to work in some of these occupations," she said.

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