Data shows education is one of the primary reasons immigrants and overseas foreign workers (OFWs) send money back to the Philippines.
Because of the high cost of tuition and the positive opportunities that formal education provides to young Filipinos, OFWs need to support family and loved ones with the gift of an education.
According to a recent survey by WorldRemit, education was one of the top reasons OFWs sent money home to their loved ones, with 35% of respondents stating that the amount they sent for education increased since the onset of COVID-191.
With schools nationwide set to conduct End-of-School Year rites, from June to July 2022, OFWs can look forward to the graduation of the loved ones they’ve been supporting.
“Education is one of the biggest drivers of economic development for any nation and remittances play a big role in supporting education,” said Earl Melivo, WorldRemit Country Director. “We enable Filipinos to continue supporting the education of children by sending money back home.”
Impact of remittances on education
In its2020 Global Education Monitoring Report, UNESCO said: “258 million children and youth were entirely excluded from education, with poverty as the main obstacle to access.” And the COVID-19 pandemic has only made this worse, as children living in poverty are unable to continue their education using laptops, mobile phones, and the internet, compared to wealthier students.
In the Philippines, the number of out-of-school youth (OSY) rose to 25.2% in April 2020, based on a study released by the United Nations Children’s Fund. With a separate report from the Philippine Statistics Authority stating that one in every four persons aged 6 to 24 were not attending school in 2020, 11.9% stated the high cost of education as a reason.
Besides creating opportunities to live more prosperous lives, education has the potential to equip young Filipinos with the skills and knowledge to make meaningful contributions to the development of society and reduce labor.
In addition to paying for daily essentials, such as food and clothing, remittances help pay for school fees, books, educational tools, learning aids, and other necessary educational materials.
Over half (52.2%) of remittances from April to June 2021 received in the Philippines were put towards education, including spending on instruction and ancillary services for students and families through educational institutions.
“We recognize the transformative impact of education in young people’s lives in the Philippines. The ripple effect gained from an educated population holds huge benefits for the world today and in the future, ”said Melivo.