More health workers, computer specialists can be exported as remittances can fall by 5% this year – Diokno

July 7, 2020

The Philippines could "export" more healthcare workers and computer specialists amid the influx of Filipino repatriates who have been displaced due to coronavirus pandemic, Bangko Sentral ng Pilipinas(BSP) Governor Benjamin Diokno said on Monday.

In a virtual press briefing, Diokno said the BSP expects remittances to go down this year due to many Filipinos who lost their jobs abroad, including the seafarers.

"We have many of our fellowmen who are serving the cruise ships, many of them are returning. Because trade is much lower now than before, those on board the ships carrying the goods are also affected," he said.

"So, we revised our two percent growth target before. So, the remittances could go down by five percent. So, if it's 38 billion (pesos) before, it might go down to 28.5 billion (pesos)," Diokno added.

But he expressed belief that the decline in remittances could be temporary.

"We should not be bothered that (our remittances) is lower this year because as we can see, what is happening to us is temporary," he said.

On the "bright side," Diokno said Filipino healthcare workers, such as nurses and doctors are being admired abroad.

"Perhaps, looking forward, we should export more nurses, doctors, more computer specialists in the future. We have good advantage because (our workers) are young, our average age is 24, that's the medial age. If we are going to train them to be the best in their studies of nursing, medicines, computer science, the return will be big once the situation normalizes," he explained.

He also said that the reduced remittances from overseas Filipinos could be offset by the remittances from the business process outsourcing industry.

"There are many transactions now using digital technology, it's in demand," Diokno added. Celerina Monte/DMS