According to a recent World Bank report, recruitment costs for OFWs bound for Qatar average only $483 (26,265.54 Philippine pesos), one of the lowest cost corridors in the region.
However, the report also revealed that 40% of recruitment costs still come from family support, with personal funds accounting for 25% and employer support at 23%.
Additionally, 18% of OFWs resort to borrowing from friends and family, while less than 3% use formal sources such as banks.
The COVID-19 pandemic has also increased migration costs due to limited flights, quarantines, and repatriation.
Female OFWs are more likely to sell or pawn their assets and depend on family support for financing, while male OFWs are more likely to resort to loans from family and friends and obtain formal loans through banks.
The report also showed a significant gender difference in accessing various types of benefits, with male OFWs more likely to receive health insurance, overtime compensation, paid leave, and retirement benefits.
On the other hand, female OFWs are more likely to receive housing and lodging benefits, as well as rice or food allowances.
Cash Remittances from OFWs Grow by 3.5% to $2.76B in January 2023
In January 2023, cash remittances from Filipinos overseas grew by 3.5% to $2.76 billion, according to the Bangko Sentral ng Pilipinas (BSP).
The expansion in cash remittances was due to the growth in receipts from land- and sea-based workers. The United States, Saudi Arabia, Japan, and Singapore contributed largely to the increase in remittances.
The US had the highest share of overall remittances during the said month, followed by Singapore, Japan, and Saudi Arabia.
