Labour Migration and the Philippine Peso

• Labor Migration is defined as the movement of persons from their home state to another state for the purpose of employment.
• An estimated 86 million persons are working in a country other than their country of birth.
• The number of Overseas Filipino Workers (OFWs) or Filipino workers who worked abroad during the period of April to September 2020 was estimated at 1.77 million.
• Overseas Contract Workers (OCWs) or those with existing work contracts comprised 96.4 percent or equivalent to 1.71 million of the total OFWs during the same period.
• Other OFWs who worked abroad without working visa or work permits such as tourist, visitor, student, medical, and other types of non-immigrant visas but were presently employed and working full time in other countries had 3.6 percent share.
• The number of OFWs dropped by -18.6 percent, equivalent to 405.62 thousand overseas workers from 2019 to 2020.
• Before the outbreak of the COVID-19 pandemic in 2019, OFWs were registered at 2.18 million, 2.11 million were OCWs and about 69 thousand were other Filipino workers abroad with valid working visa and work permits.
• Women workers accounted for 59.6 percent or 1.06 million in 2020 of the total number of OFWs/OCWs.
• On the other hand, 40.4 percent or 0.72 million were male OFWs.
• The Philippine Peso, abbreviated as PHP in foreign exchange (forex) markets, is the national currency of the Republic of the Philippines.
• The peso is known as the "piso" in the Filipino and Tagalog languages.
• The Philippine peso is made up of 100 cents or "sentimos" and is often represented with the symbol ₱.
• Labor Migration is defined as the movement of persons from their home state to another state for the purpose of employment. Today, an estimated 86 million persons are working in a country other than their country of birth.
• The number of Overseas Filipino Workers (OFWs) or Filipino workers who worked abroad during the period of April to September 2020 was estimated at 1.77 million.
• Overseas Contract Workers (OCWs) or those with existing work contracts comprised 96.4 percent or equivalent to 1.71 million of the total OFWs during the same  period.
• Other OFWs who worked abroad without working visa or work permits such as tourist, visitor, student, medical, and other types of non-immigrant visas but were presently employed and working full time in other countries had 3.6 percent share.
• Women workers accounted for 59.6 percent or 1.06 million in 2020 of the total number of OFWs/OCWs. On the other hand, 40.4 percent or 0.72 million were male OFWs. The same trend was observed in 2019 where 55.4 percent of the total 2.18 million OFWs were women while 44.6 percent were men.
• The Philippine peso, abbreviated as PHP in foreign exchange (forex) markets, is the national currency of the Republic of the Philippines. The peso is known as the "piso" in the Filipino and Tagalog languages.
• Before the outbreak of the COVID-19 pandemic in 2019, OFWs were registered at 2.18 million, 2.11 million were OCWs and about 69 thousand were other Filipino workers abroad with valid working visa and work permits.
• The number of OFWs dropped by -18.6 percent, equivalent to 405.62 thousand overseas workers from 2019 to 2020.