Why are Filipino Americans moving back to the Philippines?

Summary

The Philippines is known for its people, who are a significant export, working in key industries globally, especially as nurses and seafarers. Overseas Filipino workers (OFWs) contribute over $33 billion annually to the country's GDP. Despite some settling abroad, a 'reverse migration' trend is growing, with many returning to take advantage of new economic opportunities in tech and startups. The video explores the reasons behind this trend, the potential for a 'Filipino Dream,' and the impact of OFWs on the country's economy and culture.

Takeaways

• 🌍 The Philippines is renowned for its people, who are a significant export, particularly in nursing and seafaring industries.
• 💼 Overseas Filipino workers (OFWs) contribute immensely to the Philippines' economy by remitting over $33 billion annually, which is nearly 10% of the GDP.
• 🏠 There's a notable trend of 'reverse migration' where Filipinos, including those from the diaspora, are returning to the Philippines due to emerging opportunities.
• 💼 Historically, Filipinos have been migrating since the 16th century, with significant waves in the 20th century, especially post-WWII for healthcare work.
• 👵 Reasons for OFWs to return include retirement, seeking family connections, and economic opportunities, leveraging the 'Dollar-Earner, Peso Spender' advantage.
• 👶 Third culture kids and diasporic Filipinos are also part of this reverse migration, seeking to reconnect with their roots and contribute to the homeland.
• 💹 The Philippines is experiencing a tech and startup boom, with funding increasing from $440 million in 2018 to over $1 billion by 2021, akin to the early days of Silicon Valley.
• 🌐 This boom is attracting not only Filipino entrepreneurs but also global investors, fostering innovation and cultural rediscovery.
• 🏢 The growth of startups is creating jobs and future founders, contributing to the establishment of a robust middle class in the Philippines.
• 🌐 The BPO industry is a significant contributor to the Philippines' GDP, with expats playing a role in job creation and economic growth.

Q & A

What is considered the Philippines' greatest export?

The Philippines' greatest export is its people, particularly in the form of Overseas Filipino Workers (OFWs) who work in key industries worldwide.

How significant is the financial contribution of OFWs to the Philippines' GDP?

OFWs send back over $33 billion annually, which is nearly 10% of the Philippines' GDP, highlighting their substantial economic impact.

What is the term used to describe the trend of Filipinos returning to the Philippines?

The trend of Filipinos returning to the Philippines is referred to as 'reverse migration.'

What are some reasons why OFWs might return to the Philippines?

OFWs might return to the Philippines for various reasons such as retirement due to the lower cost of living, seeking family closeness, or finding better economic opportunities.

How has the history of Filipino migration evolved over time?

Filipino migration has evolved from the first recorded Asians in the Americas in 1587, to the Manong Generation moving to the US in 1903 for agricultural work, and post-WWII recruitment of healthcare workers, to the recent trend of returning due to economic opportunities.

What economic opportunities are attracting OFWs and other Filipinos to return to the Philippines?

The Philippines is experiencing a boom in tech and creativity sectors, with startup funding increasing dramatically, creating jobs and opportunities that are drawing OFWs back.

What is the significance of the term 'Dollar-Earner, Peso Spender' mentioned in the script?

The term 'Dollar-Earner, Peso Spender' refers to OFWs who earn in dollars but spend in pesos, highlighting how their income can go much further in the Philippines than in their host countries.

How has the startup scene in the Philippines grown recently, and what is its impact?

Startup funding in the Philippines has skyrocketed from $440 million in 2018 to over $1 billion by 2021, leading to the creation of jobs and inspiring future founders, contributing to a robust middle class.

What role does the Business Process Outsourcing (BPO) industry play in the Philippines' economy?

The BPO industry in the Philippines contributes nearly $30 billion annually to the country's GDP, employing an estimated 1.3 million Filipinos and serving clients from various countries.

What is the 'Filipino dream' as mentioned in the script, and how does it differ from the 'American dream'?

The 'Filipino dream' refers to the aspiration for success and prosperity within the Philippines itself, as opposed to the 'American dream' which traditionally symbolizes the pursuit of success in the United States.

How does the script suggest the perception of Filipino Americans should change?

The script encourages viewing Filipino Americans not for what they are perceived to have but for what they wish to contribute, such as reconnecting with Filipino culture and community.