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Remittances from Overseas Filipino Workers have reached a record breaking US$14.4 billion last year. This year the Bangko Sentral ng Pilipinas (BSP) forecasted remittances to reach $16 billion this year, while it was expected to continue its upward trend and reach up to $18.9 billion in 2009.

However, from the looks of things, it seems that it will not happen. With current global economic crisis, remittances are expected to go down as overseas workers face to lose their jobs. The Philippine has long been dependent on these remittances from our OFWs to save the economy from domestic and international economic and financial trouble.

Together with the problem of depleting foreign remittances, is the looming problem on employment. In US alone, some 50,000 Filipinos are at risk of losing their jobs, mostly in the financial sector. With the local unemployment already a main concern, OFWs going home would definitely add up to the list as their prospect of finding job in the country does not look too bright for them too.

But President Gloria Macapagal-Arroyo is keen on finding more job opportunities elsewhere, and seeks to re-deploy workers who will lose their jobs. This only shows that her government would still be relying on sustained foreign remittances to keep the economy afloat.

According to Philippine officials, an estimated 90,000 jobs have already been created in Australia, Canada, New Zealand and US territory Guam which Filipino laborer can fill in.

This move however has earned criticism instead of applause, saying that Arroyo’s government really did little to prepare for the eventual return of OFWs to the country. University of the Philippines migration expert Melissa P. Federico states that “the country has become addicted to foreign remittances and that, rather than implementing policies to create jobs domestically, short-sighted political leaders often encourage and facilitate the deployment of workers abroad.”