OFW remittances keep economy afloat

OVERSEAS Filipino remittances continue to hold the Philippine economy intact despite the Covid-19 pandemic, a property consultant said.

David Leechiu, chief executive officer and president of Leechiu Property Consultants, said there remains to be a strong inflow of remittances amid economic uncertainty.

“Despite everyone’s predictions that it’s going to decline, it has not. Every time there’s a crisis, local or global, all these foreign institutions predict that there’s going to be a drop in remittances and it has been proven otherwise,” he said during the Davao Investment Conference (Davao ICon) 2021 on Wednesday, Aug. 18, 2021.

Leechiu said every time there is a crisis, more overseas money enters the Philippines.

He attributed this to the innate “bayanihan” behavior of Filipinos, especially during a crisis.

Money sent home by OFWs rose by 6.7 percent to US$16.616 billion in the first half of 2021 from $15.573 billion recorded in the comparable period in 2020.

Meanwhile, Leechiu touted Davao as a major regional player that will have a big contribution in the country’s rebuilding efforts.

“The biggest success factor is the rise of Davao tycoons. The amount has been unprecedented, and I think that will continue beyond this administration,” he said.

“The new landscape will attract more investor confidence, and double the investments. Old investors might take a little while, but the affinity of Muslim investors will make an immediate difference for Davao,” he added.

Davao ICon 2021

The 6th Davao ICon kicked off with a virtual launch last Wednesday.

The event showcased the region’s innovations in learning, real estate, tourism and agri-business, positioning it as an investment partner for industry leaders in and outside the country.

Plans for city designs will have Davao soon join top global livable, sustainable cities like Copenhagen, New York, Hong Kong, Toronto, and Vienna, where people enjoy great urban mobility and walkability, while experiencing many amazing cultural and socio-economic benefits, more efficient mass transportation, and greener sustainable communities.

Three webinars diving deeper into the innovations of the region’s key industries are lined up on Nov. 11 to 12, 2021.

These webinars will further explore the potential that Davao region has for prospective foreign and local investors and highlight its next generation of forward-thinking leaders. (JOB)