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BSP advices OFWs families to save money send by their love ones

The Bangko Sentral ng Pilipinas advice the OFWs families who received and will receive money from their loved ones this holiday season to save and invest.

 According to BSP Deputy Governor Francisco Dakila Jr., they are expecting a rapid remittance this December 2019 same as last year's demand. He said that these remittances received from other countries should save the money or they may think a business to make an investment because this kind of situation is just temporary, they should spend the money wisely.

 October last year the total remittances sent to OFWs families reach US$2.75 billion. Way back in December 2018, the OFWs remittances increased to $3.17 billion said Dakila Jr.

 This October 2019, the highest remittances was been recorded at 7.7 percent or a total of US$2.969 billion its bigger than last year.

 If this will continue to increase, the Bangko Sentral ng Pilipinas is expecting the remittances for December would reach US$3 billion.

  For the past five years, the OFW remittances have been contributed roughly less than 10 percent to the Philippine gross domestic product. They are expecting that the annual growth average will increase to 3 percent this year and for the year 2020.

 The highest sources of remittances are from the United States (37.6%), Saudi Arabia (7.2%), Singapore (6.3%) and Japan (5.6%). Other sources of remittances are the United Arab Emirates, Canada, Hongkong, Kuwait, the United Kingdom, and Germany.

 Dakila said that there is a decrease in remittances from Hong Kong because of the student activists against the government.


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