Money remittances of OFWs to their families in the Philippines up this year

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Remittances of overseas Filipino workers in the Philippines are almost three per cent higher compared to last year, according to the Central Bank of the Philippines.

In Lei Alviz’s report on GMA News “24 Hours” this Wednesday, the BSP data, from January to October, the amount of remittances OFWs sent to their families in the Philippines reached $26.5 billion.

The value was higher by 2.9 per cent compared to the same period in 2017.

The major part or 79 per cent of total cash remittances for the first ten months came from America, Saudi Arabia, United Arab Emirates, Singapore, Japan, United Kingdom, Qatar, Canada, Germany and Hong Kong.

For October alone, cash remittances went to $ 2.8 billion.

In December this year, the money is expected to be more lucrative for the economy.

“Ang remittances ay nakakatulong para palakasin ang purchasing power ng mga pamilya ng mga OFW. Ito rin ay nakakabigay sigla sa ating ekonomiya dahil mas maraming pumapasok na pera sa ating bansa. Mas sumisigla ang piso versus the US dollar,” sabi ng economic analyst na si Astro Del Castillo. (“Remittances help boost the purchasing power of OFWs’ families, which also boosts our economy as more money goes into our country. This makes the peso stronger vs the US dollar,” said economic analyst Astro Del Castillo.)

Charito Ansing, an OFW said she increased the amount of remittance she sent to her family during the holiday season because she knew that the expenses during the Christmas period are usually high.

Sending money is her a way to express her love for her family and it brings her pleasure.

Kahit papano nababawasan yung lungkot ko du’n. Kasi alam kong napapasaya ko yung pamilya ko kahit sa kaunting pinapadala ko sa kanila, sabi ni Ansing. (“At least, I feel less sad. I know that I make my family happy with the small amount that I am sending to them,” Ansing said.)

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