Philippines Economic Outlook 2020 and Overseas Filipino Workers

The economy of the Philippines based on Economic Forecasts - 2019-2021 Outlook indicate an levelled economy relative to 2019. Trade deficit will increase by 25%. Foreign exchange rate will increase by about 2.5%.

The weakening of the Philippine Peso (PhP) means that the Overseas Filipino Workers (OFW) will have a bit of advantage this year. This increase in OFW remittance value, however, will just be eaten up by the inflation rate which will increase by 2.5%. This increase in the inflation rate is impacted by the third salvo of the TRAIN law. The increase in fuel prices will have a domino effect on basic commodities which will directly impact the life of the masses.

OFWs planning to go home for good this year need to plan carefully on how to spend their hard earned money. Investments and business will be good choices. A word of advice though, having been an OFW for decades, invest on something you will enjoy during you retirement.

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A Filipino Engineer, Registered Professional Engineer of Queensland (RPEQ) - Australia and Professional Electrical Engineer (PEE) - Philippines with extensive experience in concept select, front-end engineering, HV & LV detail design, construction and commissioning of Hazardous and Non-Hazardous Area electrical installations in water and waste water pipeline and pumping facilities, offshore platforms, hydrocarbon process plants and pipelines including related facilities. Hazardous area classification and design certification (UEENEEM015B, UEENEEM016B, UEENEEM017B).