MikeLigalig.com

The Overseas Filipino Workers (OFW) are shielding the Philippines from the financial turbulence that hit the United States by remitting the much needed dollars and staying on their jobs amid the financial meltdown that is sending shockwaves across the globe, a top official of the Bangko Sentral ng Pilipinas (BSP) said.

Diwa Guinigundo, deputy governor of the BSP said the dollar remittances of OFWs have contributed to the financial stability of the country despite the slowdown of exports brought about by financial crisis in the US.

"OFWs are now saving and investing their hard earned money which help generate economic activity," Guinigundo told reporters during the weekly Kapihan Sa Sulo news forum in Quezon City.

A survey conducted by the BSP showed that at least 30 percent of OFW are now saving their money and some are also engaged in business activities in their respective localities.

"Instead buying expensive iPods, OFWs are now engages in small businesses," he said. -- Perseus Echeminada (Philstar News Service)