What is the impact of OFW to the Philippine economy?

“Continued growth in OFW remittances would support recovery in consumer spending, which accounts for nearly 70 percent of the economy, as well as supporting recovery of the country’s GDP (gross domestic product), as consistently seen in 2Q (second quarter) 2021,” he said.

How do seafarers contribute to the global economy?

1. The World Trade and Globalisation Depend on Seafarers. Shipping is an industry that contributes over 90\% to the world economy. There are about 51400 merchant ships plying all over the world, transferring goods between places, keeping the economy running.

What is the benefits of OFW SSS contribution?

You can receive a daily cash allowance for each day that you are unable to work due to a sickness or injury. To qualify for this benefit, you should have at least three month’s worth of contributions within the last 12 months. It also applies if you have been confined at home or in a hospital for four days or more.

What are good effects of being an OFW?

The Common Pros and Cons of being an OFW

• Higher Income and better employment benefits.
• Travel and experience abroad.
• Global career and profession marketability.
• Independence and better life style.
• Prestige and recognition.

What is the advantages of OFW?

Being an OFW will help improve your independence. It will teach you numerous skills that you may only be able to learn precisely because of this independence: cooking, doing the laundry, budgeting, planning your days, communicating with others, being resourceful, handling challenges, making the hard decisions…

Why are Filipino seafarers important?

The maritime industry is a major contributor to this: nearly 400,000 Filipino seafarers were working overseas in 2013, contributing a total of more than $5.2bn in remittances. With shipping carrying over 90\% of world trade, it can be said that Filipinos play an extremely significant role in this industry.