Inquirer
COVID-19 impact: DOLE sees 40% drop in OFW remittances for 2020
Labor Secretary Silvestre Bello III estimates a potential 30% to 40% decrease in Overseas Filipino Worker (OFW) remittances for 2020, projecting a reduction of around $13 billion.
This projection considers the impact of the COVID-19 pandemic on displaced OFWs, with approximately 345,000 affected globally.
Of the affected OFWs, 191,000 have chosen to remain in their host countries, while 59,000 have already been repatriated as of June 23.
An additional 42,000 OFWs are scheduled for repatriation in the coming weeks.
This estimate is higher than the Ateneo Center for Economic Research and Development's projection of a 20% drop in OFW remittances.
The DOLE has also provided emergency employment and subsidies to over a million formal and informal workers.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Department of Foreign Affairs (DFA) anticipates the repatriation of over 27,400 more Overseas Filipino Workers (OFWs) within the next three weeks.
Read more →
The Department of Foreign Affairs (DFA) targets to repatriate 37,660 stranded overseas Filipino workers (OFWs) within the next three to four weeks.
Read more →
Labor Secretary Silvestre Bello III stated that funding alone is insufficient to guarantee the repatriation of distressed overseas Filipino workers (OFWs), emphasizing the need to consider other significant factors.
Read more →
The Bangko Sentral ng Pilipinas (BSP) projects that a 5% contraction in remittances this year will reduce the Philippines' GDP growth by 0.4%.
Read more →
The Department of Labor and Employment (DOLE) is preparing to repatriate the remains of 301 deceased Overseas Filipino Workers (OFWs) to the Philippines by July 4, as mandated by the Saudi government.
Read more →