Ours is a remittance-driven economy

The assertions of our economic managers that the Philippine economy has strong economic fundamentals and that explains why GDP has grown by 7.5% as of the second quarter of 2007, is half-true. The other reason why our economy remains afloat is the dollar remittances of our 8 million strong OFWs.

These remittances estimated at about a billion dollars a month sustain the purchasing power of at least one-fourth of our population; contribute largely to our burgeoning dollar reserves; and create a huge demand for housing and subdivision development.

If we can sustain the growth attributed to our OFWs, we are on our way to rebuilding the socio-economic and political structure of our society. By economically emancipating the families of OFWs, we are in effect, building a strong middle class that cannot be coerced and intimidated by unscrupulous and power-hungry politicians.