OFW remittances hit record high in December

by Niña Myka PauliNe arceo ManilaTimes.net

THE remittances of overseas Filipino workers (OFWs) rose to a record $3.49 billion in December, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday, bringing the full-year tally to an all-time high of $36.14 billion.

"The robust inward remittances reflected the increasing demand for foreign workers amid the reopening of economies," the BSP said in a statement.

The December result — up 5.7 percent from $3.3 billion a year earlier — was attributed to higher remittances from landbased workers with contracts of a year or more and sea- and land-based OFWs with contracts of less than a year. The cumulative count for 2022, meanwhile, was 3.6 percent higher than 2021's $34.88 billion.

"The full-year 2022 level accounted for 8.9 percent and 8.4 percent of the country's gross domestic product (GDP) and gross national income (GNI), respectively," the BSP said.

Of the total, cash remittances rose by 5.8 percent to $3.16 billion in December, up from $2.99 billion, while that for the full year hit $32.54 billion, 3.6 percent higher from 2021's $31.42 billion.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corp., said that the increased holiday spending in December, with abolished Covid restrictions, compared to 1 to 2 years ago, resulted in higher OFW remittances.

"The sustained year-on-year growth in OFW remittances in recent months may also reflect a faster economic recovery in some major host countries for OFWs around the world that has enabled more OFWs to work again, especially in countries with increased COVID -19 vaccine shot rollouts that helped reduce new COVID -19 cases and moving toward greater economic normalcy and led to stronger economic recovery that entailed the creation of new jobs, including for OFWs," Ricafort added.

However, Ricafort cautioned that the positive development could be offset "by the fact that similarly higher inflation in host countries of OFWs could have also increased their cost of living, which could lessen their remittances to the country."

Nevertheless, the continued YoY growth in OFW remittances could improve the Philippine economy in terms of spurring consumer spending that accounts for at least 75 percent of the economy.

"The growth in cash remittances from the United States, Saudi Arabia, Singapore, Qatar and the United Kingdom contributed largely to the increase in remittances in January-December 2022," the BSP said.

The US posted the highest share of overall remittances in 2022, followed by Singapore and Saudi Arabia. g

House urged to declare ‘unequivocal defense’ for Duterte vs. ICC

MANILA – House Senior Deputy Speaker and former President Gloria Macapagal-Arroyo led the filing of a resolution urging the House of Representatives to rally behind former President Rodrigo

Duterte as the International Criminal Court (ICC) is set to reopen its investigation for alleged crimes against humanity.

In a resolution released to media on Thursday, Arroyo and 18 other lawmakers called on the lower chamber to declare “unequivocal defense" for Duterte amid the looming probe on his anti-illegal drug campaign during his presidency.

House Resolution 780 highlighted that Duterte’s “remarkable accomplishments brought about by his relentless campaign against illegal drugs, insurgency, separatism and terrorism, corruption in government and criminality” made the life of Filipinos “better, comfortable and peaceful.”

The resolution cited the need for immediate action to curb the country’s serious and rampant illegal drug situation at the time when Duterte took office, as the drug problem was becoming an “existential threat to the country’s social fabric.”

"The country's peace and order situation considerably improved due to the Duterte administration's holistic and whole nation approach in ending insurgency and curbing the drug menace in the country that resulted [in] unprecedented growth in exports and investment," the resolution read.

Underscoring the Philippines’ "functioning and independent" judicial system, the resolution quoted Justice Secretary Jesus Crispin Remulla who called the ICC’s intent to resume its investigation against Duterte’s anti-drug campaign as “insulting” and “totally unacceptable.” Remulla has reiterated the government’s position that the ICC can rightfully conduct proceedings only in states without a functioning government and justice system.

“We are doing what it takes to fix the system. We have a functional judicial system and I don’t see where they can come in unless they want to take over our legal system and take over our country. I don’t see that happening,” Remulla said in a press briefing last week. He said the “unreasonable” decision is not welcome in the Philippines and the Department of Justice “will not stand for any of these antics that tend to question our sovereignty and our status as a sovereign country.”

Other authors of the bill were Representatives Carmelo Lazatin Jr., Aurelio Gonzales, Anna York Bondoc-Sagum, Jose Alvarez, Mary Mitzi Cajayon-Uy, Richard Gomez, Wilton Kho, Loreto Amante, Edward Hagedorn, Edwin Olivarez, Eric Martinez, Eduardo Rama Jr., Dale Corvera, Zaldy Villa, Ma. Rene Ann Lourdes Matibag, Mohamad Khalid Dimaporo, Johnny Pimentel and Marilyn Primicias-Agabas. (PNA)