Overseas Filipinos Workers
The OFW market is generally a large market where consumer product, remittance and financial institutions have an opportunity to expand its service offering and increase revenues. Filipinos represent the 3rd biggest migrant worker population in the world. The number of OFWs worldwide is estimated to be around 11 million in 2006 and remittances totaling $12.7 million, accounting for more than thirteen percent of the GNP. If consumer spending and investments in real estate and new businesses, the contribution of the overseas Filipino is included, the percentage to the total GNP may amount to 30%.
Destinations OFW Deployment 1.Saudi Arabia 194,350223,45915% 2. UAE 82,039 99,21220.9% 3. Hong Kong 98,693 96,929 -1.8% 4. Kuwait 40,306 47,91718.9% 5. Qatar 31,421 45,79545.7% 6. Taiwan 46,737 39,025 -16.5% 7. Singapore 28,152 28,369 0.8% 8. Italy 21,267 25,41319.5% 9. United Kingdom16,930 16,926 0% 10. Korea 9,97513,984 40.2% 11.Other destinations 170,762 151,041 -11.5% TOTAL (land based) 740,632 788,070 6.4%
Of the many market segments in the Philippines, the overseas Filipino workers (OFW) segment appears to have a magnetic appeal, attracting companies from different types of industries from banking to real estate to cars. There is no denying the fact that the OFW market is rapidly growing. Demand for jobs overseas has been increasing, currently with more employment opportunities for professionals. Given this, the salary range of OFWs has likewise broadened compared with a few years back. However, targeting the OFW segment has its challenges. As with targeting any market segment, one has to carefully understand the target — where they come from, where they are, their salary range, and many other details to draw a good profile of the market. The added challenge to this usual market profiling, however, is the characteristics unique to overseas Filipinos which companies have to consider. Overseas Filipinos are exposed to different market practices in the countries they are located, thus approaches would also have to be tailored fit to these differences.
Business Private Eye Philippines provides a full range of research information and advice services, specializing in competitive intelligence, brand and communication research, market segmentation and positioning, and new product development into the OFW (Overseas Filipino) market, delivering insight and information on how to tap into this growing and lucrative market.
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