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PIA Press Release
2007/09/01

OFWs instrumental to RP's record-breaking 2nd Qtr economic growth, PGMA says

Tacloban City (September 1) -- President Gloria Macapagal Arroyo was a big hit to the Filipino community in Kuala Lumpur as she attributed to the Filipino Migrant Workers, the country's record-breaking second quarter economic performance.

Reporting to the Filipino community gathered at the Grand Ballroom of Hotel Nikko in Kuala Lumpur, that President revealed that the country's Gross Domestic Product rose by 7.5 percent while the Gross National Product grew by 8.3 percent, the highest in two decades.

Explaining that GDP refers to the market value of all final goods and services produced within a country in a given period of time, the President said that the Filipino migrant workers have contributed to the 8.3 percent GNP growth rate.

Indeed because the OFW remittances amounted to $13 billion or 11 percent of the country's Gross National Product. It is but right that the Filipino workers are honored by the government and the Filipino people, for their sacrifices and dedication to their work, their family and their country.

Even as the country welcomes their contribution to the Philippine economy, the President said it right that the government is working towards the day when Filipinos no longer need to go abroad for a job, when overseas work is just a career option and not the only choice to earn a living.

As it is, the government through the Bangko Sentral, is helping more and more OFWs to turn to alternative measures such as investing and dealing in stocks, to ensure that their hard-earned money is put to better use.

So many OFWs have become investors in Financial and Capital investment through financial instruments.

In the meantime, the government continues to implement the strict fiscal reforms that catapulted the economic growth of the country. (PIA 8) [top]

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