BSP Announces Growth on BSP Remittances
BSP – Bangko Sentral ng Pilipinas gave an update on the remittances of the overseas Filipino workers (OFWs) amid the COVID-19 crisis.
A lot of Filipinos flew abroad to work. Truths be told that many want to seek greener pastures abroad so they can give their families a comfortable life and can send their children to college. They risked a lot to be able to try to get the life they want for their loved ones most especially when it comes to finances.
Truths be told that sending a child to school may require a lot. It is a part from the household’s daily expenses on food, transportation, and utility bills. That is why despite the longing to be with their families, some Pinoys hurdled it to make sure they can provide well and can save money for a business so time will come that they will not anymore need to be away from their loved ones.
Most overseas Filipino workers (OFWs) take a huge part of their salaries abroad and send it to their families in the Philippines. Some do it through banks while others send it through money transfer establishments like Western Union.
The Central Bank of the Philippines or more commonly known as BSP (Bangko Sentral ng Pilipinas) tracks OFW remittances to the country. Based on a report on GMA News, amid the COVID-19 pandemic, the top government bank cited a ‘double digit growth’ in remittances of Pinoys working abroad.
According to BSP data, the OFW remittances to the Philippines grew by 13.1%. From $2.106 billion in May 2020, it rose to $2.382 billion in the same month this year. Based on the report, the bank credited the increase in receipts from sea-based workers and land-based workers.
From $1.631 billion, the remittances from land-based workers grew to $1.84 billion. From $475 million, the receipts from sea-based workers increased to $488 million.
With regards to the countries where the OFWs contributed largely in the increase of the remittances, these are Malaysia, United States, South Korea, Canada, and Singapore.
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Hello im ofw and currently in Thailand now. I read this info. I am interested to join on how to get this remittance program. Can you please tell me what first thing to do how to process through sending money from abroad to Philippines. Right now its hard to catch up any bank to get my remittance money to send my family