DOLE projects up to 40% drop in OFW remittances due to COVID-19

The Department of Labor and Employment (DOLE) projects a reduction of up to 40% in remittances from overseas Filipino workers (OFWs) due to the economic impact of the COVID-19 pandemic.

Labor Secretary Silvestre Bello III told senators during Wednesday’s Senate labor committee hearing that DOLE expects a decrease by around 30 to 40 percent, considering the number of repatriations and job displacements.

Senator Joel Villanueva noted that DOLE's estimate is higher than the Ateneo Center for Economic Research and Development's projection of a 20-percent drop in OFW remittances this year.

Bello said there are around 345,000 OFWs affected by the current health crisis, but only 191,000 have opted to return despite the government’s repatriation offer.