The Whopping Cost of Zero Remittance

The economy stands to lose some P3.1 billion if the “zero-remittance day” pushes through on August 28.
      

Figures from the Bangko Sentral ng Pilipinas (BSP) show that the personal remittances from overseas Filipino workers (OFWs) reached $26.93 billion in 2014. This figure accounts for 8.5 percent of the gross domestic product last year.
      

On the average, Filipino workers across the globe sent a combined remittance of $2.014 billion per month from January to June this year.
      

Thus, a one-day remittance boycott could translate to losses of over $67 million, or some P3.1 billion (at P46.61 exchange rate), for the Philippine economy.
      

OFWs play a significant role in the Philippine economy. Thus, the targeting by the Bureau of Customs in its anti-smuggling campaign is misplaced.

      

President Aquino has already instructed the BOC to stop its implementation of a policy on the inspection of balikbayan boxes following complaints from OFWs and their families.
      

Despite this, the OFWs will still push through with their zero-remittance plan on August 28. OFW groups will also hold a protest march in Manila. –End-

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