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Resumed OFW deployment spikes remittances

According to the Overseas Workers Welfare Administration, the number of overseas Filipino workers repatriated due to COVID-19 reached 809,373 last year, as of November 2021. 

With the easing of restrictions and successful vaccination roll outs in various countries across the world, the Philippine Overseas Employment Administration noted an increased demand for the 675,567 OFWs deployed in 2021 in sectors like healthcare, seafaring and IT.

Remittances remain vital to the Philippine economy as a result, accounting for nearly 9 percent of gross domestic product, reaching a fresh high of $34.9B, a 5.1 percent increase from last year.

This reflects the selflessness of overseas Filipinos, who continue to send money to their families back home in spite of global economic challenges. This consistent cultural reality is essential during the state of transition as Metro Manila and 38 other areas in the Philippines shift to Alert Level 1.

As OFWs redeploy aboard, WorldRemit, a leading global payments company, will continue to aid in allowing for OFW’s contributions to bolster the economy by providing an easy, safe way for these workers to contribute to their families’ ongoing expenses – which are expected to rise in the short term.

Additional expenses are anticipated for many Filipinos as they relocate back to major cities as employers and businesses increase demands for onsite reporting, face the onset of hybrid school and pure face-to-face classes, and prepare for potential inflationary impact of current economic.

According to a WorldRemit 2021 survey, 35 percent of Overseas Filipino Workers said they have increased the amount of remittances sent for education since the COVID-19 pandemic began, with daily expenses (41%) and medical expenses (44%) mentioned as two other important reasons for regularly sending money home.

“Our Overseas Filipinos continue to rely on WorldRemit for secure, convenient, and cost-efficient digital transactions for their remittances sent to their families back home. WorldRemit dedicates its services in supporting OFWs in regaining financial autonomy as we adapt to a new normal that views COVID-19 as endemic,” said WorldRemit Country Director, Earl Melivo.

As the Philippines transitions to its next state of reopening, remittances will be essential to helping families adapt to these changes. Employees and students will begin the transition to hybrid approaches and in many cases, employers may slowly return to pre-pandemic levels of staffing.

To ensure your family has everything they need in these trying times, download the WorldRemit app and get started: https://www.worldremit.com/

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