Yes, proud OFWs! Indeed, they should be proud of themselves. They are able rescue their families from poverty and their remittances, which in 2002-2003  were estimated to be between US$14-21 Billion annually, also helps keep the Philippine economy afloat.

 

Despite the global economic crisis world, OFWs remittances continue to increase. Ed F. Limtingco reports that “the remittances from the Overseas Filipino Worker (OFW) grew by a double-digit growth rate for the first time during the year in August 2011 to reach US$ 1.7 billion. The cash-transfers in August 2011 increase by 11.1 percent year-on-year. For the first eight months, the cumulative remittances rose by 6.9 percent to US$ 13 billion, with remittances from the land-based and sea-based workers growing by 5 percent and 14.4 percent respectively.”

 

OFWs thus deserve to be called mga bagong bayani (new heroes). According to Juan “Jed” E.  Dayang, Jr. (Reflective Diplomat), “The economic contribution of Overseas Filipino Workers or OFWs have reduced poverty incidence and increased the welfare of their families in the Philippines. The remittance flow also (helps) shore up the foreign currency reserves of the country."

 

Every Filipino should be proud of the OFWs. And in honor of our new heroes, Philfortune dedicates this page to them and hopes that some of them may find ways to invest their hard-earned money in some business ventures that would help secure their and their families’ future. Philfortune.com also promises to assist them in making their business known.

 

Mabuhay ang OFWs!

 

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