‘Zero-Remittance' Week ng OFWs, walang malaking epekto sa ekonomiya ng Pilipinas...

3/31/2025

‘Zero-Remittance' Week ng OFWs, walang malaking epekto sa ekonomiya ng Pilipinas ayon sa isang ekonomista; OFW remittances noong 2024, umabot na sa $3.73-B

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Transcript

00:00An economist believes that the zero remittance week of OFWs has no effect on the economy of the Philippines

00:07supported by the former President Rodrigo Duterte.

00:10Harley Balbuena has the details.

00:16An economic expert believes that the zero remittance week of Overseas Filipino Workers

00:22that supports the former President Rodrigo Duterte has no effect on the economy of the Philippines.

00:29According to RCBC Chief Economist Michael Ricaforte,

00:32a week without remittances is very small compared to the total amount of remittances they bring in a month and a year.

00:43If you look at the math,

00:45because a week is the plan,

00:47every year, remittances are around $36 billion.

00:55If we put $12 billion every month,

00:58in a week, 12 divided by 4,

01:02we get around $3 billion.

01:07Ricaforte also said that not all OFWs will join the zero remittance week because they are not all supporters of Duterte.

01:17He also added that the money that OFWs will not bring in a week,

01:22they will definitely bring in the next week because their families will need it.

01:29In addition, Ricaforte said that it is not the economy,

01:33but the families of OFWs that will be most affected by the zero remittance.

01:39To support their immediate families,

01:42especially if they have small children,

01:44their daily needs,

01:48the monthly bills,

01:50he has different views.

01:52He has different political inclinations.

01:55According to the Central Bank of the Philippines,

01:57the personal remittances of OFWs in 2024 reached the all-time high of $3.73 billion.

02:06It accounts for 8.3 percent of the gross domestic product of the country.

02:11Ricaforte is adamant that the economy will remain strong no matter what challenges or threats.

02:18Because currently, the Philippines has 105 billion dollars in international reserves.

02:25Harley Valbena for Pambansang TV in Bagong, Philippines.

‘Zero-Remittance' Week ng OFWs, walang malaking epekto sa ekonomiya ng Pilipinas...

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