A lawmaker who represents a multi-sectoral party lauded overseas Filipino workers (OFWs) on Tuesday, Oct. 18, for propping up the Philippine economy that is steadily recovering from the Covid-19 pandemic.

KABAYAN Party-list Rep. Ron Salo said the remittances of OFWs helped drive the economy by enabling the sustained consumption in the domestic economy.

“The remittances continue to stimulate our economy by providing OFW families with more money to spend on essential goods and services, healthcare, education, and other investments,” he said in a statement.

Salo, chairman of the House Committee on Overseas Workers Affairs, noted the increased remittances amounting to $2.72 billion in August based on Bangko Sentral ng Pilipinas (BSP) data. This is higher than the $2.61 billion recorded in the same month last year.

“Our Kabayan OFWs sent home through the banks $31.418 billion remittances in 2021, and it is expected to further increase this year. These remittances really go a long way in helping their loved ones here in the Philippines,” Salo said.

Personal remittances from OFWs reached $23.3 billion from January to August this year, three percent higher than the $22.67 billion in the same period in 2021, according to the BSP.

READ: Remittances up 3% to $21 B end Aug.

Last week, the House Committee on Overseas Workers Affairs held initial deliberations on House Bills (HB) No. 185, 1190, 2944, 3020, 4170, 4257, 4343, 4397, and 4469, which aims to strengthen the protection and lessen the cost of OFW remittances.

“Time and time again, our OFWs prove their significant role in alleviating the plight of their families here in the country, as well as in boosting the country’s economy. We have to show them our appreciation,” Salo said.

This is why the House Committee of Overseas Workers Affairs works in crafting legislative measures to protect their remittances and ensure they can take home as much of their pay as possible, the lawmaker added.

For Salo, this is the least the government can do “to show our gratitude for their sacrifices".

The Department of Finance (DOF) earlier warned that the country could lose as much as P3.5 billion in terms of revenues if the proposed measure becomes law.

“In the previous position paper we estimated the government loss that we . . . in the amount of P2.8 to P3.5 billion. We will still update this figure as the number of OFWs increased at this time,” Finance Division Chief Jeanne Guinto said during the hearing.