How OFW Remittances Affect the Peso: Understanding Their Role in the Philippine Economy

Overseas Filipino Workers (OFWs) are often called the modern-day heroes of the Philippines — not only because of their sacrifices abroad but also due to the vital role their remittances play in sustaining the nation’s economy. Every month, millions of Filipinos send money home to support their families, but beyond personal aid, these remittances have a significant influence on the Philippine peso (PHP) and the overall foreign exchange market.