REMITTANCES from overseas Filipino workers (OFWs) are expected to slightly pick up next year but would likely still fall short of the $33 billion reached in 2019, Sen. Sonny Angara said Wednesday.
Citing a forecast from the Bangko Sentral ng Pilipinas (BSP), Angara, who chairs the Senate Committee on Finance, said cash remittances are seen to rise by four percent next year. He, however, said he has to clarify if this pertains only to OFW remittances.
Angara was speaking during the plenary debates on the general principles of the 2021 budget.
Asked by Senate Minority Leader Franklin Drilon if the 2021 OFW remittances would at least be at par with that in 2019, Angara said, “It looks like it will be somewhat short by about five percent of the 2019 level, judging from the figures given to us by BSP. It will be short of the $33 billion dollars by about $ 1.7billion.”
Meanwhile, OFW remittances as of August this year amount to $19 billion, Angara added, noting a 2.6 percent decline compared to that of the same period in 2019.
Labor Secretary Silvestre Bello previously projected a reduction of up to 40 percent in OFW remittances this year due to the economic impact of the COVID-19 pandemic.
More than 510,000 OFWs had been affected by the pandemic and over 300,000 were already repatriated, according to Angara.
He also said around 131,000 OFWs are scheduled for repatriation, citing information from the Department of Labor and Employment.(GMA News)
