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More opportunities for OFWs as remittances hit US$9.6 billion

Opportunity for entrepreneurship awaits
By Entrepreneur Staff |

Remittances from Overseas Filipino Workers (OFW) reached US$9.6 billion in the first half of 2011, making them and their families the country’s biggest market for aspiring entrepreneurs.

A report from the Bangko Sentral ng Pilipinas showed that OFW remittances posted a year-on-year growth of 6.3 percent compared to 2010.

Not only do OFWs have the capital, if they managed to save up during their stints abroad, they have also been exposed to a different culture and business opportunities that can be applied in the country.

The sustained demand abroad for Filipino workers as well as the diversity of their skills and destinations has contributed to the resilience of remittance flows even with the lingering uncertainties on the Middle East and North Africa\\\'s political situation and the Eurozone sovereign debt crisis. Increased capture of money transfers has also been made possible with the expanded offering of financial products and services to overseas Filipinos by banks and other financial institutions that have established more tie-ups with foreign-service providers.

For the period January-June 2011, the biggest sources of remittances were the U.S., Canada, Saudi Arabia, Japan, U.K., Singapore, United Arab Emirates, Italy, and Germany.

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