Skip to main content

So OFW Program is Better Than FDI Because of the Dollar Remittance?!

Philippine Star

It's Christmas again, right? Two years ago, I wrote an essay discussing that Filipinos can't be home for Christmas, thanks to the lousy Filipino First policy. I did some research and landed on the Philippine Star. The data presented seems to suggest that the OFW program is feasible:
MANILA, Philippines — Remittances from overseas Filipino workers (OFWs) continued to climb in September, increasing by 3.3 percent amid the anticipated seasonal holiday surge and currency gains from favorable exchange rates.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that personal remittances reached $3.34 billion in September, $107 million higher than the $3.23 billion recorded in the same month last year.

Of the total amount, cash remittances coursed through banks amounted to $3.01 billion, $96 million higher than last year’s $2.91 billion. 

An old fool I ran into on Facebook said, "OFW program is better because they bring in dollars. FDIs will just bring in peso." The idea is stupid on several levels. An MNC must adjust and adapt to the country's local customs. An American MNC must convert the starting capital from USD to PHP. Some countries where Filipinos go as OFWs have lower monetary value. The Vietnamese Dong (VND), South Korean Won (SKW), and the Japanese Yen (JPY) are weaker than the PHP! South Korean and Japanese companies would convert their weaker currecies in favor for the stronger PHP, when doing business in the Philippines!

There's that destructive obsession with OFW remittances (read here). I'd like to ask this question, "How has OFW remittances actually helped pay back the national debt?" I always find it annoying when people confuse FDI with foreign loans (read here). Even the differences between loan and investment are clear as day and night. FDI means letting a foreigner invest in the country, which in turn, that they're required to pay taxes to the country. A foreign loan means borrowing money from another country. Saying FDI was ruined by Chinese FDI is something. Did the person realize that borrowing money from another country isn't the same as letting another country invest in your country? 

Even worse, some OFWs believed that they were supposedly "conquering the world". However, if you get the job, you're under a boss! The idea that people will conquer nations by getting jobs is stupid. It's because getting a job in another country is different from doing business in another country. When a person gets the job, he or she doesn't conquer the country. Instead, the person must follow the rules and regulations of the country he or she works for. If one works in a Muslim country, don't bring pork products or do anything forbidden in Islam. If one works in Singapore, expect strict justice to be implemented as happened to the late Flor Contemplacion. 

Talks about separation aren't drama. Families get torn apart by the OFW program. It's something to think about when that problematic The Flor Contemplacion Story (read review here) was uploaded on YouTube. If only Migrante International understood that the equity restrictions against FDI led to the Flor tragedy. However, it seems they're still more focused on being bitter against Singapore, unable to accept that Flor was indeed guilty. That movie wasn't even worth a rewatch. I decided to rewatch it so I could at least do a proper review rather than recall everything by memory. Even worse, some OFW families remain poor because of 

Do I need to mention the hassle of OFWs having to pack their things and leave? Do I need to mention the hassle of converting foreign currency to local currency for OFWs? It would be different if MNCs brought in their capital, converted the currency to the local currency, and employed Filipinos to work for them. Worried about exploitation? MNCs are still subjected to local laws such as labor laws and environmental laws. They will still need to pay Value Added Tax (VAT) and income tax. They may also be paying withholding taxes. They may want to deposit money they use for their expenses in a local bank. They may need to send back profits to the host country. However, they would still need to leave some money in the Philippines for operational use. 

As said, let's stop romanticizing OFWs as "new heroes" and stop demonizing FDIs as invaders. It's already the 21st century. Please, we're no longer operating under a conquer or be conquered. This is all about business and economics!
Labels:

Popular posts from this blog

Opening #SahodItaasPresyoIbaba Stores Nationwide Increases POGO-Related Risks (NOT FDI)

Alice Guo aka Guo Hua-Ping may be in jail now . However, I believe the saga is far from over . It reminds me that I actually wrote about how several idiots on Facebook go so far as to say, " Alice Guo should be a warning about open FDI! " Some have even gone as far as to say that POGO and Chinese spies should "justify" the Filipino First Policy . However, the harsher reality is that the Filipino First Policy may actually be encouraging dummy investors instead ! As the saga continues, I've decided to write what I might call my harshest entry yet. It's going to be Chinese New Year this year. This might be an entry that may need to be shared before the Lunar New Year! My grievances are  still ongoing because some people still demand #SahodItaasPresyoIbaba, no matter how destructive it  will be . That's why I use Venezuela as an example, especially during Nicolas Maduro's downfall . Back to the topic, I remember writing a joke post where I said, "Wh...
Read more

The Great Reversal: Democratic Philippines Became MORE Dependent on COMMUNIST Vietnam for Rice

Bao Thanh Nien On January 24, 2026, I read from the Philippine Star Facebook page  that a vendor from Baseco, Tondo, is selling Vietnamese rice at PHP 20.00 per kilo. Honestly, it made me laugh over President Ferdinand "Bongbong" R. Marcos Jr.'s promise. Was this rice from Vietnam a rice surplus if it wasn't premium rice? My experience with rice selling was with wholesale,  and it was a very different time. What I learned in the late 2000s to 2012 may no longer be applicable today.  Taking a look back at the history of Vietnam and the Philippines before Doi Moi This time, I decided to go with history because a certain someone on Facebook (as always, I will not mention names as much as possible) has actually called it that the Philippines' dependency on Vietnam for rice, despite the International Rice Research Institute being actually located in Pili Drive, Los Baños, Laguna 4031, Philippines. This guy (whom I nickname Porky due to his obesity) I just mentioned, sp...
Read more

Social Media Gossipers' Ad Hominems Against Actor Robin Padilla Regarding His Proposal to Remove 60-40

Make no mistake that I didn't vote for Robin Padilla. I feel like I've had enough of voting for celebrities, athletes, and those who I felt are know-nothings in the legislative. However, Padilla recently had his proposal to remove the 60-40 restrictions regarding foreign direct investments (FDIs) . Former Philippine Vice President Maria Leonor "Leni" Gerona-Robredo was even in favor of that amendment. I guess that's why Philippine economist Andrew James Masigan endorsed Robredo. I may have not endorsed Robredo while Masigan remains to be one of my favorite local sources. The news from GMA News Online reveals these plans by Padilla himself: Senator Robin Padilla said he wanted to revise the Constitution to scrap the 60-40 rule on foreign ownership of businesses to accelerate job creation and competition among industries . In a Monday interview, Padilla said the move would attract more foreign investments to support the country’s economic recovery. “Para sa akin mas...
Read more

Should Noynoy Aquino be a Valid Excuse to Reject Econ Cha Cha?

Philippine Star   Updated January 25, 2025 This may be a touchy post. Politics is often a source of fights during parties. That's why we're told not to talk about politics during parties. Unfortunately, some people on Facebook are now using the late Benigno Simeon "Noynoy" C. Aquino Jr. as an excuse not to execute even economic charter change. Never mind that blatant supporter of Atty. Maria Leonor "Leni" Gerona-Robredo, Andrew James Masigan, supports economic charter change . The late Charles Edward P. Celdran was also an anti-Duterte critic. As I looked at some okay boomer posts, I'm not surprised at people who still use Noynoy as an excuse to shout with all their might, "No to economic charter change!" Somebody posted on Facebook the following. As always, I won't publicly shame anyone. If possible, I will only refer to them by codenames or use the name Anonymous. I want to remain as professional as possible. This person said that under N...
Read more

Red Lizard: Wrestling With Your Taste Buds With Delicious Mexican Food

During the late 2010s, I remember one of the greatest things I got into was Mexican food. I remembered a delicious Mexican restaurant opened in I.T. Park Cebu but it was later closed down. From what I heard, the owner closed it down out of grief and I don't blame the person for it. Years later, there was El Taquito at SSY which I also enjoyed. However, El Taquito is now located on Governor M. Roa Avenue in Cebu City. I would like to talk about the Red Lizard--Taqueria which has branches in SM Cyberzone, IT Park (where I usually get my deliveries), and Ayala Center Cebu.  I had quite a wild imagination thinking the restaurant was founded by a retired wrestler. I thought Red Lizard was a real luchador or Mexican wrestler. On the contrary, the character of Red Lizard is as fictitious as Jollibee's mascot, an anthropomorphic bee named Jollibee. Further research showed that Red Lizard belongs to the Abaca Group of Companies founded by Jason Hyatt and his Chinese wife Anna (whom he m...
Read more