BSP has released data that OFW families are now into savings and investment. Financial education has been the forefront program of the Bangko Sentral ng Pilipinas for all OFW beneficiaries.
BSP always pointed out that the value of the OFW remittance is always significant to the growth of the economy and as such remittances should never be wasted. The BSP advocacy for OFW financial literacy has brought significant result according to the survey.
BSP Consumer Expectation Survey revealed that 41.4 per cent of the OFW beneficiaries turned into savings part of the remittance. BSP advocacy has ignited OFW families to channel all remitted money into productive use.
The survey also revealed that 6.8 per cent of the households used their remittance for investment. Most of the money being sent by OFW were used for food ( 97.2 per cent) , education ( 69.4 per cent), medical payments (59.6 per cent), debt payments (46.4 per cent).
As the BSP lowered the growth target for OFWs’ remittances to $20.1 billion this year due to political crisis in the Middle East and North Africa Region (MENA). BSP encouraged all OFWs’ and beneficiaries to save and invest regularly to improve the Philippine economy.
OFW remittances on the other hand showed a tremendous annual average of 14.2 per cent over the last 6 years due to strong demand for skilled Filipinos overseas.
Click: OFW Portal