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OFW money remittances to relatives in the Philippines are a major contributor to the Philippine economy, reaching a total of P1.9 trillion in 2022, which represented some 8.9% of the Philippines' Gross Domestic Product. [3]
Filipino seamen, overseas Filipino workers in the maritime industry, make an oversize impact on the global economy, making up a fifth to a quarter of the merchant marine crews, who are responsible for the movement of the majority of goods in the global economy. [24] [25] The OFW population is consistently increasing through the years and this ...
Filipino seamen are a major segment of overseas Filipino workers who contributed to the Philippine economy. Filipino seamen have been a major source of US dollar remittances to the Philippines. In 2008, according to Doris Magsaysay-Ho, 28,000 Filipino seamen remitted US$3 billion to the Philippines from Japan alone. [8]
The country's GNP grew because of high rates of OFW remittances and the government believed that the money remitted was used to help start-up small businesses, boost consumer spending and enable small-scale construction. [12] In 2014, remittances from OFWs constituted ten percent of the Philippines’ Gross Domestic Product (GDP). [42]
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2025, the Philippine economy is estimated to be at ₱29.66 trillion ($507.6 billion), making it the world's 31st largest by nominal GDP and 11th largest in Asia according to the International Monetary Fund.
President Duterte signing Republic Act No. 11641 or the Act Creating the Department of Migrant Workers (DMW) on December 30, 2021. On July 12, 2019, during the Araw ng Pasasalamat for OFWs (Thanksgiving day for the Overseas Filipino Workers), President Duterte in a speech promised to finish the framework for the creation of a department that caters to the need of OFWs.
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
Its head office is at F.B. Harrison Street corner 7th Street in Pasay, near EDSA Extension, Philippines. The agency was founded as the Welfare and Training Fund for Overseas Workers through Letter of Instruction No. 537, signed by President Ferdinand Marcos on May 1, 1977.