More OFWs seen going into businesses in Philippines

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More overseas Filipino workers (OFWs) are investing in local businesses to help stimulate economic growth and create more favorable conditions should they wish to return home, according to global payments company WorldRemit.

WorldRemit interim Asia-Pacific managing director Earl Melivo said that OFWs continue to strive for a better life for themselves and the people around them.

'WorldRemit believes in the power of remittances, not just to improve lives, but also to strengthen the bonds among people, effectively acting as a currency of care among OFWs. With WorldRemit, OFWs can trust their love and hard work can reach those they're intended for,' Melivo said.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that personal remittances went up by 3.4 percent to $32.65 billion from January to November last year compared to $31.58 billion in the same period in 2021.

Likewise, cash remittances coursed through banks rose by 3.3 percent to $29.38 billion from $28.43 billion.

Based on an interview with a group of OFWs from different backgrounds and cultures, WorldRemit believes that behind every migrant worker is a unique story of love and sacrifice.

'Through our customers' stories, we gain valuable insight on the challenges OFWs face while working abroad, the true impact of their remittances, and how they stay connected with their families and community,' Melivo said.

Despite many challenges, OFWs continue to strive for a better life for themselves and the people around them. Aside from homesickness, adjusting to a foreign country is another common challenge for OFWs all over the world.

The pandemic also disrupted the lives of many OFWs as well, with 2.24 million OFWs having been repatriated after being displaced from work as of 2022.

Those who were able to keep their jobs were hit by inflation.

When it comes to supporting their loved ones, OFWs recognize how education vastly improves the whole family's quality of life.

A 2017 study by the Organization for Economic Cooperation and Development (OECD) cited how migration 'can lead to greater investment in education.'

But remittances go beyond benefitting OFWs' families - they elevate communities as well.Overall, remittances, along with regular communication, visits, and their reassuring support, are just among the many ways OFWs can express their love despite the distance.

WorldRemit provides fast and reliable digital transfer services, which aim to bridge transnational borders. It currently sends from 50 to 130 countries, operates in more than 5,000 money transfer corridors worldwide, and employs around 1,200 people globally.

The BSP sees remittances hitting another record high this year, growing by about four percent.