The OFWs are our economic heroes or our bagong bayani because they help prop up our economy with their remittances from abroad. These heroes are the domestic helpers, the seaman and the expats who are living aboard. In January to May 2019, the reported foreign remittances coming from the Filipinos working abroad amounted to $2.9 billion. This was reportedly at 5.5% higher than the 2018 numbers for the same period.
As our economy depends largely on the dollars, it is good to always have a steady influx of dollars coming in to replenish our reserves. This somehow helps stabilize the peso-dollar exchange rate.
Another benefit is the increased spending power of the families of OFWs. Because they have a steady source of income, the dependents spend more money that in turn spurs the economy of the Philippines. This helps our GDP or gross domestic product. More liquidity in the market is also good for our economy.
With these benefits alone, it is justifiable to call our OFWs the modern heroes or the bagong bayani along with the call center agents who likewise is a pillar of our economy. Without these two sectors, the Philippine economy might have a difficult time keeping up with the constant changes happening in the world market.
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