A migrant labor expert has suggested that Filipino migrant workers consider sending more money back home to help their families cope with the increasing cost of living in the Philippines.
Emmanual S. Geslani said workers should boost their remittances by 10-20%, as families were constantly having to pay higher prices for consumer goods, Arab News reported.
“I know some overseas Filipino workers may also be in a difficult situation in their workplaces, but for those who can afford to send additional support, maybe they should do so,” Geslani said.
On Tuesday, the Philippine government said the inflation rate rose to 4.6% in May, the highest level for five years, mainly due to increased prices for fish, seafood, bread, cereals and fuel. The inflation rate in April was 4.5% and it was only 2.9% in May 2017.
Michael L. Ricafort, head of the economics and industry research division at Rizal Commercial Banking Corporation, said that the major factors affecting inflation were higher global crude oil prices, increased taxes and the weaker exchange rate for the peso.
“These factors resulted in second-round inflation effects in terms of upward adjustments in the prices of affected goods and services,” Ricafort said.
It is believed that 10% of Filipino households have at least one family member who is working overseas. In 2017, they sent combined cash remittances of US$28.1 billion back to the Philippines.