OFWs: PH Heroes Surviving Adverse Effects of COVID-19 Pandemic

OFWs: PH Heroes Surviving Adverse Effects of COVID-19 Pandemic

OFWs: PH Heroes Surviving Adverse Effects of COVID-19 Pandemic

covid-19

Their Poised for Recovery is to Look for Investment

 

Covid-19 pandemic caused a massive effect of global destruction may it be in terms of economic, health, humanitarian, and environmental aspect. One of the most afflicted sectors of this society is the Overseas Filipino Workers. The pandemic caused to slowed down deployment to OFWs. Moreover, Filipino labor immigrants experience loss of income due to the ‘no work no pay’ stage. A large number of OFWs all over the world are removed from their jobs. 

During the first half of the year 2020, about 323,527 OFWs have been displaced and it reached an estimated number of more than a million OFWs by the end of 2021. The majority of them are in the Middle East. This downturn affected not only the OFW also their family who are often the reason for their choice to work abroad. According to the First Quarter of 2020 Consumer Survey, it reveals that 94% of OFW households allocated their remittances for food.  As Covid-19 emerged aside from income depression, OFWs experience a lack of access to health services, the impact of lockdowns on their working and living conditions, and most importantly, the impact of border closure due to protocols. 

OFWs’ choice to survive during this crisis as they poised for recovery resulted to look for investment. Due to spending and gradual lockdown restrictions, OFWs are immobilized to generate income which is new to them. According to National Treasury, OFWs show their interest in bond investments. The most dominant percentage of these is the RTB (Retail Treasury Bond). This allows the government mobilization program to allot more government securities available to retail investors which is indeed a low-risk and safe investment. 

The Covid-19 pandemic has unleashed profound global devastation across economic, health, humanitarian, and environmental realms. Among the hardest hit groups are Overseas Filipino Workers (OFWs), with deployments slowing down and many experiencing income loss due to the ‘no work, no pay’ scenario. By the first half of 2020, around 323,527 OFWs were displaced, a number surpassing a million by the end of 2021, with the Middle East being particularly affected. This downturn not only affects OFWs but also their families, who often rely on their remittances for essentials like food, as highlighted in the First Quarter of 2020 Consumer Survey.

As Covid-19 emerged, OFWs faced challenges accessing healthcare services, coping with lockdowns impacting their work and living conditions, and grappling with border closures due to stringent protocols. In response, many OFWs sought investment opportunities to weather the crisis and facilitate recovery. Hindered by spending constraints and gradual lockdown relaxations, they turned to investment avenues such as Retail Treasury Bonds (RTBs), as reported by the National Treasury. RTBs offer a low-risk, government-backed investment option, providing OFWs with a semblance of financial security amidst uncertainty.

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