Philippine Senate President Pro Tempore Jinggoy Ejercito Estrada highlighted the great contribution to global economies by overseas Filipino workers and other international migrant workers, in his landmark address yesterday to the International Parliamentary Union in Geneva , Switzerland , a press release from his office said.

Estrada said it is estimated that there are about 200 million international migrants who assume a major role in promoting development and poverty reduction in their countries of origin, and making significant contribution in the destination countries.

Estrada, who is chairman of the senate labor committee and of the joint congressional committee on labor and employment, noted a report by the World Bank that total remittances made by the world's migrant workers have reached $350 billion in 2005, reportedly overshooting several nations' exports, accounting for greater percentage of national incomes and exceeding direct foreign aids, the press release said.

The number of Filipino international migrants is estimated today at 8 million, 2.5 million of whom are on temporary or transient employment, in some 190 countries across the globe, in major geographical regions like Asia, the Middle East, the Americas , Africa and Europe .

OFWs have kept the Philippine economy afloat. Foreign cash transfers have propped up domestic consumption, especially during the times when the export markets were weak, Estrada said.

The Bangko Sentral ng Pilipinas said net remittances of Filipinos overseas workers through the formal channel for the last five years have continued to increase.

From a level of US$B6.03 in 2001, the figure doubled up to US$B12.67 in 2006,” Estrada said in the same press release.*

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