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PIA Press Release
2006/11/20

Commentary: OFWs strong driving force of RP economy

By Renee F. De Guzman

San Fernando City, La Union (20 November) -- President Gloria Macapagal Arroyo extols the OFWs who continue to be a strong driving force of the Philippine economy by their unsurmountable feats of excellence and hard work

Based on the recent report of the Bangko Sentral ng Pilipinas, the dollars sent home by Filipino migrant workers hit $9.11 billion in the first nine months of the year, up to 14.4% from $7.96 billion a year ago.

In the month of September alone, OFWs in US, UK, KSA, Italy, Canada, Japan, Singapore, Hongkong, and UAE remitted $1 billion to the country, the report further bared.

The OFWs will continue to be in the limelight throughout the Christmas season as they come home in droves for the holidays and remittances will climb to an all time high.

The Bangko Sentral ng Pilipinas said it expects remittances from OFWs to reach $14.1 billion next year despite a slowdown in the global economy.

The New York-based Bear Stearns predicted for the peso to hit at P47 to a dollar in 2007 with the strong dollar inflow and this should boost further the chorus of positive assessments of the economy like the S & P rating upgrade, and the upward revision by the World Bank of growth figures for the Philippines.

The Government must be able to sustain the confidence reaped by Filipinos the world over and at home by the unswerving attention to economic takeoff, social justice, the rule of law, and effective democracy.

The upbeat mood of the Filipino people has been an inspiration for President Arroyo in pushing forward her roadmap for global economic competitiveness. (PIA La Union) [top]

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