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ADB tells Philippines to invest in human capital development

The Manila-based Asian Development Bank (ADB) has recommended that the Philippines invest in developing human capital amid the decline of overseas remittances caused by the unprecedented return of overseas Filipino workers (OFWs) due to the global pandemic. The ADB said that repatriated migrant workers need to be reintegrated into the overall economy to boost household consumption. ADB principal economist Jong Woo Kang, and consultant Ma. Concepcion Latoja, emphasised that reintegration programmes can be improved to serve as channels of development for OFWs who return with different levels of skills, competencies, and experiences. Studies showed that 52% of OFW returnees are interested in upgrading their skillsets through training. ADB experts said OFW returnees must be ready with skills and patience in navigating income opportunities in the domestic market.


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