Ofw Remittances- an Economic Booster - 10937 Words

OFW remittances - an economic booster By definition, remittances are the transfer of money by migrant workers back to their family and friends staying in another country. Remittances facilitate economic growth all across the World. The World stands as a globalised village. Many people go aboard for better education or for a better lifestyle. Through Remittance they do not need to worry about their loved ones at home anymore. Remittance transfers have existed for centuries, but have only garnered the attention of people in the last couple of decades. Remittance Transfer could either be domestic or could be International. If the money is remitted within the same country then it is said to be Domestic. It is believed that almost ten†¦show more content†¦With the increase remittance expected this year; this would mean that the OFWs, once again, will play an important part in the Philippine Economy. The country is already gifted with its hard working OFWS and if only the government can generate more jobs internally for those who cant work abroad and if only they would try harder to attract investments into the country, life for everybody will improve and poverty will decrease. It is sad to say that more is needed for the government to do to protect one of its most important export commodities. The OFWS as a whole would like to see the government shows its appreciation through actions such as protecting prospective migrant workers from illegal recruiters and help those unfortunate distressed workers. For three decades now, t he government and the private sector have been announcing the positive impact of remittances. Aside from boosting the peso and easing the debt burden, remittances has somewhat tamed the inflation. In general, these have contributed to the rosy picture of the Philippine economy. In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time. When the price level rises, each unit of currency buys fewer goods and services; consequently, inflation is also the erosion in the purchasing power of money – a loss of real value in the internal medium of exchange and unit of account in the economy. A chief measure of price inflation