‘All in the Family'

A major source country of workers and talents for the global labour market, the Philippines ranks among the top recipients of overseas remittances, after India, China and Mexico. ¹ Since the start of overseas employment in the 1970s, remittances have been credited as a lifesaver to the country’s flailing economy. In recognition of the sacrifices of Overseas Filipino Workers (OFWs) to support their families, President Corazon Aquino called them the country’s new heroes (bagong bayani). ² Although the economy has shown some improvement in recent years, Filipinos have not stopped seeking work opportunities and remittances continue to boost the Philippine economy. The latest Philippine Development Plan 2011–16 (NEDA 2011) cited overseas remittances as the reason behind surpluses in the country’s current accounts since 2003. When the global economic crisis descended on the world in 2008, remittance inflows helped the Philippines to weather the storm.