What is required of all Filipino workers abroad regarding foreign exchange earnings?

What is required of all Filipino workers abroad regarding foreign exchange earnings?

• A. They must invest all earnings in the local economy
• B. They must remit a portion to their families at home
• C. They are allowed to keep all earnings without remittance
• D. They must convert earnings into local currency

Answer: (B)

All Filipino workers abroad are required to remit a portion of their earnings to their families back home. This requirement stems from the intention to support the families and the local economy in the Philippines. Remittances play a crucial role in the livelihoods of many families, contributing significantly to the country's economy. This practice not only helps families maintain their day-to-day needs but also supports broader economic stability through increased consumption and investment in local businesses. The other options do not accurately reflect the legal obligations or common practices for Filipino workers abroad. For instance, investing all earnings in the local economy or converting earnings into local currency does not align with the established remittance practices. Furthermore, while workers may have the freedom to keep all earnings without remittance, it does not fulfill the legal encouragement and cultural expectation of supporting their families through regular remittances.

All Filipino workers abroad are required to remit a portion of their earnings to their families back home. This requirement stems from the intention to support the families and the local economy in the Philippines. Remittances play a crucial role in the livelihoods of many families, contributing significantly to the country's economy. This practice not only helps families maintain their day-to-day needs but also supports broader economic stability through increased consumption and investment in local businesses.

The other options do not accurately reflect the legal obligations or common practices for Filipino workers abroad. For instance, investing all earnings in the local economy or converting earnings into local currency does not align with the established remittance practices. Furthermore, while workers may have the freedom to keep all earnings without remittance, it does not fulfill the legal encouragement and cultural expectation of supporting their families through regular remittances.