There are 2 million Filipinos all over the United States of America. If each one remits $1000 monthly, that gives us $24 billion in annual remittance. That's a large sum of money, about 50% of the Philippines national debt. Actually, the annual remittance amounts to $12 billion from all over the world and the figure increases 12% yearly. No wonder the money remittance is big business.
During my trip last year to the USA, most of my friend's concern is the extra remittances to their extended families. They don't mind sending money to their parents and in fact see the act as a lifelong obligation however sending to siblings and their children who are capable of working is a totally different story. The tendency is their dependent family members relax and leave the working to the dollar earners. While in Union Square, SanFo, I overheard a thirty-ish neatly dressed lady saying in tagalog "Kakapadala ko pa lang ng $1000 two weeks ago, kailangan ninyo naman! Saan ninyo ba ginagamit ang pera?!?! Ano akala ninyo pinipitas lang sa puno ang pera dito?" Translation: I just sent $1000 two weeks ago, you need more money! Where do you use the money?!?! Do you think that money grows on trees here? The lady was obviously irritated. Who wouldn't be especially if the money was not spent wisely, not properly accounted and the thought that you'll do this for life.
Let us learn from a Chinese Proverb which says "Give a man a fish and he will eat for a day. Teach him how to fish and he will eat for a lifetime." Money doesn't grow on trees in the US. The Filipino migrants work their behinds off to earn a living. They can only do this until they reach 65 (the mandatory age for retirement). After that, they rely on their savings and their pension which usually is just enough for them. So if you're reading this and dependent on somebody, it's time to find an alternative as your current financial income has an expiry date.
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