MANILA, Philippines — Migrant Workers Secretary Susan “Toots” Ople expects a “sharp increase” in overseas Filipino workers’ (OFW) remittances by the first quarter of 2023.
In September, OFW remittances rose by 4 percent to $3.15 billion.
READ: OFW remittances inched up 4% to $3.15B in September
“I think we are looking at a sharp increase in remittances by the first quarter for 2023… Unless any cataclysmic event occurs, we are looking at, perhaps — may I be optimistic? — baka (maybe) a doubling of remittances,” she told ANC Headstart on Wednesday.
According to Ople, there are three reasons for an increase: the opening of the Saudi market, the scheduled opening of new labor markets in Europe, and the acute labor shortage.
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The secretary said the Saudi market is the “biggest labor destination country of our OFWs.”
READ: PH to resume deployment of workers to Saudi Arabia in November
Meanwhile, new labor markets in Romania, Portugal, and Hungary will be opened in the first quarter of next year.
Ople added that the acute labor shortage in other countries, especially European nations, can be attributed to young people migrating and individuals refusing some job offers.
Last year, the number of OFWs leaving the country started to pick up as COVID-19 restrictions were eased.