DOLE welcomes NEDA claim that PHL less dependent now on OFW remittances

The Department of Labor and Employment on Thursday welcomed the National Economic and Development Authority's Sept. 10 statement that the Philippines has become less dependent on remittances from overseas Filipino workers. But the DOLE also reassured OFWs that it recognizes their continued vital contribution to the country's development. "The DOLE continually recognizes the significant role of overseas Filipinos in the country's national development and the value of their contribution, through their foreign exchange remittances, in attaining inclusive growth. We are aware that it is largely due to foreign exchange remittances that the Philippine economy continues to be resilient and less vulnerable to external shocks," it said. The department said that foreign exchange remittances also contribute significantly to human capital development. Because of this, it said it is conscious about how OFWs and their families harness their income in productive and value-adding undertakings or activities. According to the DOLE, the Philippine Overseas Labor Offices and the Overseas Workers Welfare Administration, along with the DOLE's National Reintegration Center for OFWs, are implementing the National Reintegration Program for OFWs. The agencies will conduct value formation, financial literacy, entrepreneurial development training (EDT), techno-skills and capacity building training for OFWs and members of their families "to provide them viable options upon their return to the country." "The DOLE had set up a P2-billion Reintegration Fund to provide OFWs and their legal dependents a loan facility for enterprise development, in cooperation with the Land Bank of the Philippines, where a member can avail of a P300,000.00 to P2 million business loan," it noted. The OWWA-NLDC Livelihood Development Program for OFWs is another loan facility where an OFW group-borrower can avail of P200,000 to P1 million, also for business loan. "All these are aimed at increasing the capacity of OFWs to generate or earn incomes which are not tied up to foreign exchange remittances, thereby generating domestic wealth that could lead to economic growth," the DOLE said. — BM, GMA News