Question

3. How do OFWs help to improve the economic status of the Philippines?
Answer:​

Answer 1

Answer :

OFW remittances are closing the gap between the poor and the wealthy by contributing to a growing middle class. With improved living conditions and more disposable income, the consumption of goods and services increases, which drives the economy forward.

Explanation:

Answer 2

OFWs help to improve the economic status of the Philippines:

• A country's success is assessed in terms of to give chances for its citizens to become productive members of society.
• A person of Filipino ancestry who lives outside the Philippines is referred to as an Overseas Filipino. OFW, or Overseas Filipino Worker, is a word used to describe Filipino migrant workers who work for a brief time other than the Philippines
• OFWs are regarded as economic heroes in the Philippines due to their major contribution to the country's progress. Remittances sent by OFWs amounted for 11% of the country's overall GDP in 2018.
• OFWs are too accountable for the increase in remittances to their home countries. Inflows of contributions towards the Philippines have been increasing.
• According to the World Bank, after India ($79 billion), China ($67 billion), and Mexico ($36 billion), the Philippines is the fourth-largest beneficiary of inbound remittances.
• OFW remittances have not only met the basic needs of their families, but they have also helped to keep the country's economy afloat by supplying money throughout global financial crises.
• OFWs are among the world's largest groups of overseas workers. Despite being a tiny country in terms of land and population, the Philippines ranks third in terms of inward remittances from across the world when compared to several of its neighbours.