The Department of Labor and Employment yesterday said that overseas Filipino Workers abroad has reached half a million mark and continues to increase for the first six months of the year.
Acting Labor Secretary Danilo P. Cruz said the Philippine Overseas Employment Administration (POEA) data showed that OFWs deployed abroad has reached 502, 772 in late June.
This is 19,276 more than the 483,496 OFWs deployed in the same period last year and the first time that half a million OFWs have been deployed globally in only one semester, according to Cruz.
"We are confident that our goal to deploy a million OFWs globally continues on a firm and stable track," he said. It is expected that with the increase of OFW deployments, remittances would also increase. The Labor department early in June reported that OFWS remittances for first five months of the year has increased by 17 percent compared to the same period in 2004.
The global deployment of 422,801, from January 1 to May 29, 2005, -- from 410,142 of the same period last year, was complemented by a 17 percent increase in dollar remittances from OFWs, the Bangko Sentral ng Pilipinas (BSP) figures showed. For the first five months of the year, remittances reached US$3.072 billion compared to $2.621 billion in the same period in 2004.
Cruz said that the total OFW remittance to the Philippines is estimated to reach US$10 billion this year.