MONEY sent home by overseas Filipino workers (OFWs) hit a fresh record last year, the Bangko Sentral ng Pilipinas (BSP) said Friday.
In a statement, the BSP said remittances coursed through banks increased 13.2 percent to $14.4 billion last year from P12.8 billion in 2006. It was also higher than the forecast $14.3 billion.
Remittances accounted for about 10 percent of the economy, as measured by the country’s gross domestic product (GDP).
In December alone, the remittance volume reached $1.4 billion, the highest monthly level on record. The BSP said monthly remittances have been surpassing the billion-dollar level since May 2006.
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Filipinos have been living abroad to earn a living for quite some time now. With the avenues of income looking better in the western world the Filipinos have been opting out of their native country and seeking a comfortable life in countries like the US and the UAE. Remittances prove that the OFWs are deeply attached to their families and would thus continue to remit money in the near future as well. It is thus important to introduce innovative remittance services that would benefit the OFWs to remit more money back home.
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