Monday, August 02, 2010

The Importance of Remittance

They say that Labor is our greatest export. We depend on it so much that if one day there will be no more need for the Labor export I fear our economy will collapse. We depend so much on the money remittance.For the unfamiliar remittance simply means is a transfer of money by a foreign worker to his or her home country. It is practiced by many countries. The top 10 list of countries that receive remittance for 2009 were: India, China, Mexico, The Philippines, Poland, Nigeria, Romania, Bangladesh, Egypt and Vietnam  Remittance has existed since the 19th century and spread to other developing nations.

Needless to say, remittance and these workers account for a major influx of foreign money into the Philippines. Next to the export of goods and services, overseas remittances are the largest foreign exchange source for the Philippines. Consider the economic motivation of remittance. It lowers the country’s poverty level. Not to mention The Philippines is not that big. Sending people overseas helps address their population issues.

This makes products and services that facilitate the sending and receiving of padala in the form of money remittances (as provided, for example, by services like LBC Peso Padala) crucial to the life, health and well-being of millions of Filipino families.

The padala may also be understood as a way for Filipino families, the recipients of these padalas, to partake of the economic, social, and political fulfillment that their relatives who work as migrant workers—whether overseas or in the local regions—have achieved.
And yet, beyond benefits to the national economy, and the practical, day-to-day living of families dependent of our OFWs and local migrant workers, there is a deeper significance to the Filipino padala culture.  In a deeper sense, the padala is also a kind of glue that preserves the all-important bonds between family members as well as our social relations—as a result, we remain united, as families and as a nation, despite hardships and upheavals that threaten the integrity of family and society.  

The family remains the basis of our community relations. Social organization is based largely on ties of kinship first, while bonds based on shared geography and political considerations only come second. Therefore, the welfare of the community also means the welfare of the family; this truth is demonstrated in our history as a people, and reflects one of our most cherished Filipino cultural values. From this perspective, our padala culture is a source of unity and strength for our society.

The padala is simultaneously, a symbol of love and affection to family members, as well as a symbol of the achievement and success of our overseas Filipino workers.  These padalas are now part of our tradition; a cultural bearer of the importance of the family to every Filipino.

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