Families of OFWs investing, saving more

MANILA, Philippines – Investments of families receiving remittances from Filipinos abroad surged in the fourth quarter to its highest level since 2007, the Bangko Sentral ng Pilipinas said.

“Those that allocated their remittances for investment increased to 11.2 percent from 4.8 percent [in the third quarter],” the central bank said in its latest Consumer Expectations Survey (CES).

The BSP stressed this is the highest percentage recorded since the annual survey was conducted in the first quarter of 2007.

BSP assistant governor Almasara Cyd Tuano-Amador said these are “small investments” such as sari-sari stores and other businesses.

At the same time, families receiving money from their members abroad had saved more in the last quarter, the survey showed.

“The percentage of OFW (overseas Filipino worker) households that utilized their remittances for savings rose to 41.6 percent from 34.3 percent in Q3 (third quarter),” the BSP said. –Kathleen A. Martin, The Philippine Star