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OFWs
EVEN as the services sector is the best performing sector of the
Philippine economy, theres a trump card that further bolsters
the sector as an engine of economic growth.
Recent report on the Philippine economy by the World Bank
wrote that providing services overseas through labor is
important. (The World Banks second-quarter Philippines
Quarterly Update)
Can build inclusive growth through direct and indirect
channels
Direct channels of services that the World Bank are shown in
examples such as business process outsourcing companies
(BPO)
Has to move up the value chain, particularly by moving away
from less formal, low-wage services.
The indirect channels, on the other hand, cover intermediate
services in other sectors and in other countries
OFWs
Importantly for the Philippines, these channels can be
thought of not only in domestic terms but also through
the provision of services overseas through migration of
labor and the resulting remittance flows (WB)
The Philippines deployed 1.4 million land- and sea-based
overseas workers in 2010. That same year, some US$18
billion in remittances from migrant workers, immigrants
and irregular migrants came into the country.
must play an important role in moving the Philippines
onto inclusive growth (WB)
Overseas migration and remittances, their links to
services and poverty reduction in the Philippines
areimportant but complex