The Consumer Expectations Survey revealed that most families of overseas Filipino workers (OFWs) spend remittances on food and other household needs.
In the survey conducted by the Bangko Sentral ng Pilipinas (BSP), 94.2 percent of OFW families said a portion of the remittances sent by their relative are used for food and other household needs, reported Manila Standard.
Meanwhile 64.1 percent of OFW families allotted a portion of remittance money on education while 46.9 percent of OFW families alloted a portion of remittance money on medical expenses.
Almost 23 per cent of the families said they allot a portion of their remittances to pay their family debts while 34 per cent set set aside savings (33.9 percent).
Other expenses of OFW families include purchase of appliances (21.1 percent), purchase of house (8.7 percent), and purchase of car/motor vehicle (7 percent), and investment (5.2 per cent).
The survey also revealed that more households were able to save in the second quarter of 2018 than the first.
Some 37.4 per cent of households in the country were able to save money, an increase from 36.6 per cent in the first quarter.
