Filipinos have always been known for their devotion to their families and loved ones—a devotion so immense they would go to great lengths in able to provide better for them, seeking to work in a foreign land, unnerved of the challenges which await them. Through it all, however, they remain Filipino at heart—relentlessly taking pride in the Pinoy culture no matter where they are in the world and constantly pursuing ways to connect with their loved ones and fellow Filipinos in their homeland.
The US Census Bureau statistics reveal that Filipino-Americans’ median annual income is greater than an American household — $65,189 against $50,046. In Southern California, surveys have shown that Pinoy expats spend about 73 percent of their income on retirement investments, education, entertainment, healthcare, among others. That’s about $6.5 billion of investing and spending money.
For 2007 alone, Filipino expats remitted a record $14.44 billion, and despite the global economic slowdown in 2008, the amount was expected to reach $16 billion.
An estimated 10% of the Philippines’ 90 million people work outside the Philippines and the country is the world’s fourth-largest recipient of remittances, after China, India and Mexico. The money these expats send home is equivalent to about 10 percent of the country’s gross domestic product. |
There is an estimated 4 million Filipinos in the US today and with this sheer number, they are responsible for over 50 percent of the total remittances to the Philippines. Aside from the United States, other major sources of remittances are Filipinos in Saudi Arabia, United Kingdom, Italy, United Arab Emirates, Japan, Singapore and Hong Kong.
The US Census Bureau estimates that, in totality, Filipino-Americans have $34 billion in spending power.
Still, as these Pinoy expats and Filipino immigrants find their dreams of providing better lives for their families, loved ones and themselves come into realization, the more they find themselves yearning for home.
OFWs. Expats. Balikbayans. What’s in a name?
They are our returning superheroes.
They have come full circle. They have arrived. |
