House Speaker credits US OFWs with boosting the Philippine economy.
During President Ferdinand “Bongbong” Marcos Jr.’s meeting with the Filipino community at the New Jersey Performing Arts Center in Newark, New Jersey, late Sunday afternoon, House Speaker Martin Romualdez thanked the Filipino community and overseas Filipino workers (OFWs) for their significant contributions to the Philippine economy and for improving the country’s international reputation (US time).
The warm welcome and strong support shown by OFWs, according to Romualdez, “serve not only as an inspiration to our President but also as an affirmation of the overwhelming mandate he carries as he engages with other world leaders to articulate our country’s position on some of the critical issues facing the world today, such as climate change, food security, and the rule of law.”
The discussion was held in advance of the President’s attendance at the 77th United Nations (UN) General Assembly, scheduled for Tuesday in New York (US time).
Romualdez, a member of the Philippine delegation traveling with Marcos, guaranteed the American Filipino community that the lower chamber would support the Chief Executive’s initiatives to boost the nation’s economy and improve living conditions for its people wholeheartedly.
“Your remittances help buffer the pressure that has been driving down the value of our peso with the unpleasant effect of raising prices of necessities,” he said. “When external causes buffet our economy, your remittances assist soften the strain.”
Remittances from Filipinos working overseas climbed by 2.3 percent year over year to reach USD3.17 billion (about PHP181 billion) in September of last year, according to data from the Bangko Sentral ng Pilipinas (BSP).
Singapore was the second-largest supplier of dollar remittances after the US. Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and South Korea are additional sources of incoming funds.
But more than anything, he added, “the recognition our Filipino compatriots receive in the United States for their exceptional services to society gives us as a country a valuable sense of pride.
According to The Washington Post, Filipinos’ median yearly household income in the US is USD90,400. Nearly half of them have a bachelor’s or higher degree (around PHP5.8 million)
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