MANILA, Philippines – Saudi Arabia's prioritization of its citizens for jobs and the ban on the hiring of Filipino household workers will not affect this year's growth goals for the remittances of overseas Filipino workers, the Bangko Sentral ng Pilipinas said Friday.
BSP assistant governor Almasara Cyd Amador told a news forum hosted by the Philippine Information Agency that they are sticking to their target of a seven percent increase in remittances.
"Seven percent is an attainable, fighting target because there are many factors behind the growth in OFW remittances," Amador said .
Remittances by Filipinos living and working abroad hit $1.5 billion in February, or a 6.2 percent growth from last year, the BSP said earlier.
Filipino workers in Saudi Arabia accounted for eight to 10 percent of these remittances, Amador said.
As the “Saudization” program approaches full implementation, fears have been raised about the possible influx of jobless Filipinos from what remains the number one destination for migrant workers.
The figures differ greatly, with the Department of Labor and Employment saying Saudization will affect 90,000 “low-skilled” workers and the overseas worker advocacy group Migrante-Middle East saying as many as 360,000 could lose their jobs.
An official of the Department of Foreign Affairs, on the other hand, told InterAksyon recently that up to 150,000 mid-level professionals, including engineers and supervisors, stand to lose their jobs because of Saudization.
This is aside from the estimated 20,000 domestic workers who may lose their jobs or no longer be hired because of Saudi Arabia’s refusal to agree to the $400 minimum wage set by the Philippines.
Notwithstanding her optimism about the minimal effects of Saudization on remittances, Amador said the BSP will review its growth targets in September to determine if there is a need to revise these.
Amador said that sources of remittances of OFWs do not come from a single company or employer, but from various jobs that Filipinos take abroad.
