ACCORDING to the Bangko Sentral ng Pilipinas, remittance flows from overseas-based Filipinos grew for the second month in a row in April, rising by 3.8 percent to reach $2.67 billion. This brought January-April inflows to $11.32 billion, an increase of 2.6 percent from $11.03 billion in the period of 2021. Wow!
However, while it is true that the diaspora of Philippine labor abroad greatly helps our economy, there are so-called âsocial costsâ that we should consider. Family ties and relationships are greatly damaged; âbrain drainâ retrogresses national development. For example, with doctors, nurses and other medical workers leaving the country, what will become of our countryâs health infrastructure?
The Social Weather Stations (SWS) recently said that based on the results of its Dec. 12 to 16, 2021 survey, 24.7 percent or 11 million of the Philippinesâ 44.5 million labor force were jobless.
The number was nearly 25 percent, or one in three. It was also among the highest unemployment rates in the world. In Southeast Asia, according to World Bank data, the average unemployment rate was just 2.9 percent even at the height of the pandemic in 2020.
We can deduce from these figures that more Filipinos would be seeking employment abroad for lack of job opportunities in the country. Data from the Philippine Overseas Employment Administration show that among the Filipinos leaving for work abroad are professionals such as nurses, teachers, engineers, doctors and pilots, among others.
We are now one of the biggest exporters of labor in the world and our overseas Filipino workersâ remittances help keep our economy afloat. The government has in fact given them a glorified name â âbagong bayaniâ. Modern day heroes. It is our human export that buoys our economy.
The attractions of work abroad are higher wages and fringe benefits. These are things that we cannot offer here due to the harsh economic conditions that hinder economic and social growth. However, the exodus of OFWs is fast draining the Philippines of its skilled and professional workers such as teachers, doctors and nurses. This is a serious matter that should be looked into by the government.