he Philippines has a long history of migration, with Filipinos seeking opportunities abroad. In recent decades, the country has become one of the world’s top sending nations of migrant workers. In 2017, there were an estimated 10.3 million Filipinos living and working abroad, representing around 10% of the Philippines’ total population.
Remittances from Filipinos working abroad are a vital source of income for the country. In 2017, OFW remittances totaled US$33.4 billion, equivalent to around 10% of the Philippines’ GDP. OFW remittances have played a major role in reducing poverty in the Philippines and have helped to fuel the country’s economic growth.
The Philippines is heavily reliant on OFW remittances, and the economy would be in trouble if these flows were to suddenly stop. OFWs are therefore the backbone of the Philippine economy, and the country’s government has put in place policies and programs to support them.