The contributions of Filipinos overseas to the Philippines have been immense. Overseas remittances, through official channels alone, reached an all time high of US$7.6 billion for the year 2003. It accounts for about 16 percent of the country's total current account receipts and 10 percent of gross domestic product (GDP). Those who eventually acquire the citizenship of their adopted country continue to maintain filial links with people in the Philippines and manifest an abiding interest in the progress or developments in their country of origin.

As a fitting tribute to overseas Filipinos, President Corazon C. Aquino issued Proclamation No. 276 on 21 June 1988, institutionalizing the commemoration of the Month of Overseas Filipinos every December.