Aside from allocating the remittances they receive from their overseas Filipino worker (OFW) loved ones on food and household needs, more OFW households are using remittances to invest, according to the quarterly Consumer Expectation Survey (CES) conducted by the Bangko Sentral ng Pilipinas (BSP).
The portion of remittances OFW families allot to investments almost doubled to 8.5 percent in the third quarter of 2017 from 4.4 percent in the second quarter.
For Q3 2017, the percentage of OFW households allocated part of their remittances for medical expenses (52.5 percent), savings (42.1 percent), debt payments (40.2 percent), purchase of consumer durables (24.5 percent), purchase of house (14.5 percent), and purchase of motor vehicles (6.2 percent) declined.
By geographical area, a bigger percentage of OFW households in NCR used their remittances for medical expenses, savings, investment, and purchase of consumer durables, house, and motor vehicle compared to their counterparts in AONCR.
The survey showed, however, that the percentage OFW households who set aside savings dropped from 45.9 last quarter to 42.1 percent in the third quarter of the year.
Majority of where OFW families allocate the money sent home by OFWs on food and household needs (98.1 percent) and on education (70.3 percent).
The Q3 2017 CES was conducted between July 1 and 15 with a sample size of 5,597 households.
Source: bsp.gov.ph
Photo credit: Flickr
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