Already known to many, the OFWs (composing about 10% of the Philippine population) have continued to contribute to the Philippine economy through sustained remittances of about one billion USD per month and buoying the contribution of consumer spending (76% in 2005) to the Gross Domestic Product (GDP). According to the government, the remittances account for 9.2% of the Gross National Product (GNP).
But what is this news that the Inquirer.net reported today? It said that 76% of the businesses put up by OFWs in the country have failed mainly because of lack of skill to run them.
Poor them. They have sacrificed a lot for their families and the country and yet part of their hard-earned money has gone to waste. The economy is getting by yet their efforts to come back to the country with profitable businesses go down the drain. Calling the attention of government and non-government organizations servicing the OFWs!
I’m sure this issue will be tackled by election candidates this year. The first candidate to have officially mentioned the importance of the OFW remittances this year is Manny Villar. I wonder how he and other candidates will endear themselves (once again) to the so-called “Bagong Bayani.”