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NEWLY
RELEASED national income accounts (NIA) figures show
that overseas Filipino workers’ (OFWs) remittances are
once again instrumental in economic growth. But the case
of Marilou Ranario highlights the sacrifices OFWs make
for such “growth,” according to independent think tank
IBON Foundation.
According to the NIA figures, gross domestic product
(GDP) for the third quarter grew by 6.6 percent, higher
than the 5.1 percent recorded in the same quarter last
year. But government admitted that the growth was driven
mainly by increased household spending, likely spurred
by the influx of remittances from the 9 million OFWs,
according to IBON research head Sonny Africa. He said
the net factor income from abroad, which includes OFWs’
remittances, grew by a record 25.2 percent during the
survey quarter, the highest since 2003.
On the
production side,
Africa noted,
growth continued to be driven by the services sector,
mainly by call centers and other business-process
outsourcing firms. Meanwhile, the growth of the vital
manufacturing sector continued to slow, hitting 3.3
percent this quarter from 4.4 percent in the same period
last year. Although the industry sector also recorded
growth, it was driven mainly by speculation in the
mining and construction sectors, he said.
Since
the fundamental weaknesses in the domestic economy
remain, it should not be surprising that most Filipinos
remain skeptical of government economic hype, said
Africa. According to the IBON November 2007 nationwide
survey, three-fourths of total respondents said they did
not believe the government’s pronouncements that the
economy is improving. Similarly, half of total
respondents said their livelihoods had worsened compared
with last year. |
