29 Nov 2022
Do you know that according to recent estimates by the Migration Policy Institute (MPI), the number of global diasporas was roughly around 280.6 million? Such a massive expatriate population shows migration trends from low-to-middle-income countries towards the developed world upward. Where people from many other underdeveloped countries move abroad for better work and education opportunities, the Philippines is no exception.
According to the 2019 survey Overseas Filipinos Report, before the outbreak of COVID-19, the number of Overseas Filipino Workers (OFW) was estimated at 2.18 million. It is now roughly around 1.17 million after facing a decline in migration trends affected by the pandemic. Many Filipinos move abroad to earn better and send money to Philippines for reasonable financial support.
The total percentage of male OFWs is 44.0%, while that of females rests at 56.0%, according to research by the Philippine Statistics Authority (PSA). Although most Filipinos migrate to developed countries for better employment opportunities to ensure financial support back home, let’s learn more about what could possibly be the top priorities of overseas Filipinos.
The answer is: in search of better opportunities, better income per capita, better lifestyle, financial stability, professional grooming, and most importantly - to send money to Philippines - so that their families and loved ones get a better shot at a comfortable life too.
With that said, let’s take a look at the origin of OFW and the top priorities of the Filippino Expats in a Foreign Land.
The term Overseas Filippino Workers refers to the citizens of the Philippines who reside in a foreign country in the pursuit of secure employment to fulfil their financial necessities.
Among the Phillippines immigrants, the ones with existing work employment contracts referred to as Overseas Contract Workers (OCWs) comprised 96.8% or roughly 2.1 million, while only 3.2% or about 70,000 were those without contracts.
One of Filipino immigrants' major concerns is finding a job where they can thrive as professional individuals and feel fulfilled while staying physically and mentally healthy.
In addition to securing financial independence and sending money to Philippines to their loved ones, mental health security is the most sought-out aspect by the migrants of the Philippines.
As an expatriate, living on your own in a foreign land and working hard to keep your family comfortable, putting aside some money for emergencies and saving some assets for your family is a vital and financially sensible decision.
In long-term financial planning, savings will help your families to keep economic burdens and financial crises at bay.
Speaking of savings, OFWs also benefit from Pag-IBIG membership coverage – to save for their family’s future needs and acquire their own homes in the country.
Pag-IBIG benefits also include housing, provident savings and short-term loans.
The phrase “ When in Rome, do as the Romans do” would fall short in this particular case and would be categorised as “ Easier said than done.”
Adapting to another country's cultural and traditional norms while maintaining your own identity has always proven to be a challenge for immigrants, especially when you’re OFW with a unique and rich culture.
Despite these challenges, OFWs continue to be an essential part of the Philippines economy by sending money to the Philippines to provide for their families.
Earlier in the discussion, we spoke about financial wisdom and savings. Opting for an efficient - both in terms of time and money - international money transfer service is the critical aspect.
And as you regularly send money to Philippines online or using conventional methods, it’s clear that the service you choose should assure higher exchange rates, lower fees, quick transfers, security, reliability, and end-to-end tracking.
Providing remittance services to 100+ receiving countries, ACE Money Transfer is an amalgamation of all of the aforementioned attributes and the best choice for OFW to opt for international money transfers.
ACE Money Transfer also ensures:
With a wide range of payout methods, ACE allows customers to send money online to Philippines from anywhere at any time at the highest exchange rates yet at the lowest transfer fee. You can participate in several promotions to win exciting rewards when you use ACE Money Transfer mobile app or website to send money home from across the UK, Europe, Canada, Australia, or Switzerland.