.

In the Philippines, several studies have evaluated the effect of remittances

on the economy. Ang (2007), in his study on workers’ remittances and
economic growth in the Philippines, found that on the national level,
remittances do influence economic growth positively and
significantly.According to data released by the Central Bank of the Philippines,
remittances from OFWs reached a record high in December of last year: from
the previous all-time high of US$34.88 billion, it rose by 3.6 percent to a
record high US$36.14 billion in 2022. Michael Ricafort Rizal Commercial
Banking Corp. Chief economist said that “OFW remittances, at new record
highs on a monthly basis, are a bright spot for the Philippine economy in
terms of spurring consumer spending, which accounts for at least 75 percent
of the economy, and in turn, support faster economic growth,”OFW’s
remittances became a major contributor to the growth and development of the
Philippine economy. They are regarded as the economic heroes of
the country
OFW remittances contribute significantly to the Philippine economy, providing
much-needed income and foreign exchange .By providing a stable source of
foreign exchange that helps boost the country's reserves and strengthens the
peso.