By Fr. Emeterio Barcelon, SJIF we could make the OFWs invest 10% of the R14 billion that they will remit this year, it would be a boon to the economy. It has been shown that the OFWs do not save in monetary instruments or savings deposits.
However, they do save. Health, education, and housing expenditures are really forms of saving. Nevertheless, our economists and monetary managers would like to see savings in banks and stock market or direct investments rather than consumption. However, most of our OFWs are not in a position to make this kind of savings. This was clear in the road show of the Bangko Sentral and OWWA. In the open forum in Cagayan de Oro all questions were directed to the OWWA representative (who by the way was very knowledgeable and helpful) except for three to the other speakers.
The OFWs and their beneficiaries were concerned in welfare even though the seminar was to focus on savings and investments. This is understandable since the caregivers, seamen, and other overseas manual laborers are barely able to cover the health and education needs of their families. What they get abroad is much higher than what they would get here, if they can find a job, but still the basic demands on them do not allow them to save in monetary form.
Consumption can be excessive or for conspicuous purposes but this is the exception. There are pasalubongs and karaokes and the like but this is maximizing the resources they have. Similar to fiesta spending, which some condemn, the enjoyment garnered is the best use of their resources. In both cases, there can be extravagance, not useful, but the worker is entitled to have some extra joys his money can buy and for which he sweated and suffered loneliness. [Read more]
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