The number of overseas Filipino worker (OFW) families using remittances for saving and investments increased in the fourth quarter of the year, the Bangko Sentral ng Pilipinas (BSP) revealed.
According to the 4th Quarter Consumer Expectation Survey of the BSP, the percentage of OFW families using remittances for saving increased from 32.7 percent in the third quarter of the year to 35.5 percent in the fourth quarter. Similarly, the percentage of OFW families using remittances for investments increased from 4.2 percent to 5.1 percent.
“OFW households that utilize their remittances for savings and investment increased for the current quarter,” said Redentor Paolo Alegre, head of the BSP’s Department of Economic Statistics (DES).
However, the number of OFW families using remittances to buy items such as appliances (18.7 percent), houses (10.4 percent), and cars (6.4 percent) dropped in the fourth quarter compared to results from the third quarter of the year.
Latest records from the BSP show that as of September, total remittances of OFWs to the Philippines stands at $21.294 billion – 16.8 billion from land-based workers and $4.5 billion from sea-based workers.
OFW remittances is expected to recover in the following months as the holiday season approaches which is expected to strengthen peso by year-end.
The BSP projects remittances to grow by 4 percent on average for 2018.
