Abstract: This study aimed to investigate the impact of Overseas Filipino Workers (OFW) remittances on their families' ability to overcome economic hardships and their overall happiness in the Philippines. The research focused on exploring the relationship between Filipino families' financial situations and life satisfaction, in the context of the remittances they receive from Filipino workers employed abroad. Employing quantitative methods, the study gathered and analyzed numerical data from 200 respondents in Taguig City using purposive sampling. The data revealed that families in the survey typically consisted of three to four members, with roughly half receiving monthly remittances ranging between P35,250.50 and P60,499.99, highlighting the substantial reliance on foreign earnings. The number of employed individuals in a household varied according to family size and dynamics. Education was highly valued, as approximately 160 respondents were currently enrolled in classes. These findings shed light on the socioeconomic behaviors of the surveyed individuals, offering valuable insights for policy-making and future research. Regarding financial capability, respondents expressed satisfaction with their ability to afford essentials, pay off debts, save for the future, and access crucial services, contributing to an enhanced quality of life. Life satisfaction was also reported, indicating contentment with their family's ability to fulfill both needs and desires. The study examined the correlation between estimated monthly remittances and both financial capability and life satisfaction, revealing no significant relationships. Likewise, no significant correlation was observed iv RIZAL TECHNOLOGICAL UNIVERSITY COLLEGE OF ARTS AND SCIENCES between respondents assessed financial capability and their life satisfaction. Based on these findings, the researchers recommended implementing financial literacy and empowerment programs for OFWs' families, including education on budgeting, saving, and investment strategies to enhance financial management and maximize remittances. Access to financial services like banking and insurance was also recommended. To enhance overall life satisfaction, the researchers suggested creating tailored support systems for OFWs' families, encompassing counseling, educational opportunities, community programs, and regular communication to promote social bonds and mutual assistance. In conclusion, future research could benefit from selecting individuals with first-hand knowledge of the situation, ensuring the sample's representativeness and enhancing the results' relevance and validity. This study offers valuable insights into the complex dynamics of OFW remittances and their impact on Filipino families, with implications for both policy and future research directions.
Keywords: Overseas Filipino Workers, Remittances, Financial Management, Mutual Assistance.
Title: THE CORRELATION OF INTERNATIONAL REMITTANCE OF OVERSEAS FILIPINO WORKERS (OFWs) TO THEIR FAMILIES’ FINANCIAL CAPABILITIES AND LIFE SATISFACTION
Author: Ericca Balboa, Jia Faye Delfin, Ella Marie Malicay, Khaye Czel Yuro
International Journal of Thesis Projects and Dissertations (IJTPD)
Vol. 11, Issue 4, October 2023 - December 2023
Page No: 13-33
Research Publish Journals
Website: www.researchpublish.com
Published date: 26-December-2023
