OFW families saving less – BSP survey

Published by rudy Date posted on March 30, 2015

MANILA, Philippines – The number of families of overseas Filipino workers (OFW) that allocated funds for savings and investments fell in the first quarter from the previous three months, a Bangko Sentral ng Pilipinas survey showed.

The latest Consumer Expectations Survey showed OFW households that saved part of their remittances slid to 39.4 percent in the first quarter from 42.1 percent in the fourth quarter last year.

Those which allocated some of their remittances for investments, meanwhile, also went down to 5.1 percent from 6.8 percent.

The survey showed that the bulk of remittances received by households are used for food and other household needs, education, medical expenses, and debt payments.

Remittances last year continued to support private consumption, the main driver of the domestic economy.

Cash remittances from OFWs rose 5.8 percent to $24.308 billion last year from $22.968 billion in 2013 or about 8.5 percent of the gross domestic product in 2014.

The bulk of funds came from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Hong Kong, and Canada.

The continued strong inflows of remittances was due to the sustained demand for Filipinos abroad. Data from the Philippine Overseas Employment Association showed there were 1.6 million Filipinos deployed last year, while job orders increased 10.7 percent to 878,609.

Moreover, the central bank said the continued expansion of local banks’ services abroad supported the growth of remittances last year.

The latest CES survey was conducted from Jan. 26 to Feb. 5 and covered 5,818 households. –Kathleen A. Martin (The Philippine Star)

April 2025

World Day for Safety and Health at Work
“Safety and health at work every day!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

Monthly Observances:

March – Women’s Role in History Month
April – Month of Planet Earth

Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week

Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work

Categories