The Bangko Sentral ng Pilipinas (BSP) revealed that 39 percent of overseas Filipino workers (OFW) remittances are kept by their households for savings.
In a BSP report, the breakdown of OFW remittances showed that 94.2 percent of OFW households are using their money for food and other needs. This was seconded by educational funds at 64 percent while 46.9 percent use theirs for medical investment.
A portion of 22.9 goes to debt payment and finally 33.9 goes to savings. Investments are also making it to their financial plans for the 5.2 percent of the households.
OFWs are saving-up for long-term plans and considering investment according to the Bank of the Philippine Islands (BPI) Asset Management and Trust Corp (AMTC), reported Business Mirror.
