"Bagong Simbolo ng OFW", by Robert Almario
Despite the global economic recession, strong remittance flows from expatriates manage to keep the Philippine economy afloat, says James Hookway of the Wall Street Journal.
This economic safety net created by Filipino overseas workers has propped up consumer spending in the country. The question of whether it can remain stable throughout the economic downturn is still to be seen, as it attempts to offset the slump in the exporting and manufacturing industries.
Being that Mango Tours has a partnership with PNB Remittance Centers, Inc. (the largest remittance agency in the US for the Philippine market), and that both Panorama Mango Tours branch and PNB branch are shared together in one location, we see on the daily how strong remittances are to the motherland. Like clockwork the neighborhood Fil-Ams rush in line to send money, whether it be to their parents, spouses, or children.
Just like the need to send money to loved ones, our Filipinos also find the importance of visiting home and being with kapamilya. Travel to the Philippines during our current economic crisis has remained strong and consistent, we are happy to report. It again shows how family and taking care of one another shows what values remain high on the list for Filipinos.
To read the article by James Hookway, click here.