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Former Senator Ernesto Herrera, the current secretary-general of the Trade Union Congress of the Philippines (TUCP) issued a statement revising the earlier projected average annual compounded growth rate (ACGR) in remittances sent home by overseas Filipino workers (OFWs) from 15 percent to 10-12 percent.

This however, does not indicate any decline in remittances, only slower-than-expected growth. This is due to the global economic crisis that had affected most developed nations. Sometime April 2006, the TUCP had projected the growth rate of remittances coursed through banks at an average of 15 percent, or $21.4 billion by 2010, double to that of $10.68 billion record of 2005. With the economic crunch, the projected remittance is now being predicted to hit between $17.2 billion and $18.8 billion by 2010.

For this year alone, the Bangko Sentral ng Plipinas (BSP), or the Central Bank had already recorded remittances to a total of $10.94 billion during the first eight months, up by 17.2 percent or $1.6 billion as compared to the same period as that of last year. Each year sees the record remittances going up steadily from $12.76 billion for 2006 and $14.45 billion for 2007. Herrera is confident that Filipino professionals such as nurses, sailors, pharmacists, physical therapists, teachers and engineers would not be adversely affected by the economic crisis, citing as an example the global healthcare industry, which is practically recession-proof. The professionals in this industry can still get jobs overseas since these highly developed economies will continue to seek treatment, care and hospitalization regardless of its economic condition.

On the other hand, unskilled Filipino laborers such as domestic staff, whose services are considered somewhat dispensable, may be negatively affected. The same may hold true for semi-skilled workers as prices of oil, mineral and other commodity have plunged which will in turn curb new construction activities in the Middle East and mining-related projects elsewhere. As a former Senator, Chairman Herrera was the former chairman of the Senate labor, employment and human resources development committee.