Business Daily Philippines: The remittance lifeline
Feb 24, 2025
Over 2.3 million Filipino workers abroad are the backbone of their economy, sending vital remittances that sustain households and boost GDP. Their sacrifices often come with emotional tolls, yet they enable significant improvements in education and healthcare back home. Personal stories highlight the ripple effects of these contributions, showcasing resilience as some return to start businesses, like a chef who opened a takeaway during the pandemic. This dynamic reflects the intertwining of Filipino families' welfare with overseas employment.
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Angel Ko's Story
- Angel Ko, a head chef in the UK, supports her family in the Philippines by sending remittances.
- Her mother also works in the UK and sends money home, highlighting the family's reliance on overseas work.
Impact of Remittances
- Remittances significantly contribute to the Philippine economy, representing 8.5% of its GDP.
- These funds primarily support household incomes, education, and healthcare, driving economic growth.
Skills Development
- Overseas work enhances the skillset of Filipinos, even those who stay.
- For every nurse who leaves, seven stay with improved skills, demonstrating a ripple effect on the workforce.