In deliberating with the International Monetary Fund on growth prospects for 2007. Economic Planning Secretary and NEDA Director Romulo Neri forecasts that the economy will grow at a range of 5.7 to 6.5 percent in 2007, despite persisting high oil prices. Neri said, "We have observed that the economy has become quite resilient to various shocks. It is true that oil drives inflation, which should depress personal consumption. But there is a counterforce: the massive inflows from overseas Filipino workers. They fuel consumption."
This year, OFW remittances are expected to total US$11.87 billion, an 11% increase over last year’s figures. It grew by 15.0 percent year-on-year in the first half, exceeding the same period’s target of only 10 percent. The demand for well trained Filipino workers, medical professionals and the growth in sea and land based deployment also contribute to this positive trend.
It is but fitting for OFWs to be recognized as the ‘new heroes’ of Philippine society. They are an estimated 8.4 million Filipino workers and migrants located in 104 countries and territories all over the world. A commentary in the Los Angeles Times describes them as distinctive among the hurdled masses of global economic migration, representing the elite, high-end, rather than the common and of the labor market. They are generally well-educated and are recognized for their English language proficiency. The image of the OFW has departed from mere domestic helpers or caregivers or semi-skilled laborers toiling in the Middle East. The medical professionals form a new class in the global labor market and are recognized for their good training, discipline and compassion. Most of all, they have become an emerging economic class of Philippine society, absent physically whose labor takes place somewhere else, but whose activities directly translate to money and investment. They can command radical changes in the country, when new and modern buildings arise in rural villages or take the place of dilapidated dwellings in Metro Manila, when new and modern hospitals and schools mushroom to accommodate the increasing demands of paying and able-to-pay families. They have become "foreign" sources of aid for many families, whose resources provide new hope and opportunities for the less advantaged that have been left behind. Aside from remittances sent through banks and other informal channels, OFWs also send home donations in cash and kind, and other assistance in the form of knowledge and expertise in certain fields. According to the Economic Resource Center for Overseas Filipinos, out of some 12,000 Filipino organizations, around 4,000 are actively giving something back to their hometowns. The Commission on Filipinos Overseas, which mobilizes and monitors donations from Filipinos abroad, has recorded about P1.3 billion worth of donations from overseas Filipinos for infrastructure and equipment, medical equipment to funding capacity building and micro finance programs for farmers and women.
We have a lot of positive things to look forward to and with our existing resources, we can have renewed hope and optimism for our economy, if we all put our hands into serious and cooperative work.