MANILA – More households of overseas Filipino workers are saving their remittances and less are spending on medical needs and education, the Bangko Sentral ng Pilipinas (BSP) said.
The survey conducted by the BSP showed that the percentage of OFW-dependent households allocating portions of their remittances to savings rose to 42.5 percent in the first quarter of 2013 from 39.5 percent in the fourth quarter of last year. It also showed that the proportion OFW beneficiaries who invested the remittances inched up to 5.8 percent in the first quarter from 3.1 percent in the fourth quarter of 2012.
Households that used OFW remittances to buy consumer durables and motor vehicles also went up to 28.4 percent from 26.2 percent and 10.3 percent from 7.7 percent, respectively.
In contrast, the percentage of OFW-dependent families paying debt during the comparative periods went down to 42.4 percent in from 44.1 percent.
Out of the 464 OFW households surveyed the BSP, 96.6 percent used the remittances for food during the first quarter, up from 95.4 percent in the fourth quarter of last year.
This was followed by education at 67.2 percent in the first quarter, down from 68.8 percent in the fourth quarter of last year. The percentage of those paying for medical bills also dipped to 59.1 percent from 65.5 percent.
Data from BSP showed that remittances grew 8.4 percent to $1.9 billion in January this year from $1.7 billion last year.
Preliminary data from the Philippine Overseas Employment Administration (POEA) revealed that the number of OFWs sneding money back home increased by seven percent to 1.8 million from 1.69 million in 2011.
For the full-year of 2012, remittances reached $23.8 billion, higher by 6.4 percent compared to the level recorded in the same period of the previous year. –Darwin G Amojelar, InterAksyon.com
June 2025
Philippine Environment Month!
“Action for Nature, for the Future!”
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 #TakePicturesVideosturesVideos
Monthly Observances:
1 Jun – World Day of Parents
5 Jun – World Environment Day
7 Jun – World Food Safety Day
8 Jun – World Oceans Day
12 Jun – World Day Against Child Labour
15 Jun – World Elder Abuse Awareness Day
16 Jun – International Day of Family Remittances
17 Jun – World Day to Combat Desertification and Drought
20 Jun – World Refugee Day
25 Jun – Day of the Seafarer
27 Jun – Micro-, Small and Medium-sized Enterprises Day
Daily Observances:
June 6: Migrant Workers Day
June 19: Filipino Youth Day
June 25: Day of the Filipino Seafarer
