Tuesday, 15 June 2010

PHILIPPINES: More households invest remittances

Families of overseas workers are less cautious now, with a higher percentage saying they would invest a portion of the remittances they receive, a survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed.

BSP’s Consumer Expectations Survey for the second quarter showed that households using remittances for investment increased to 7.2 percent, from 5.8 percent in previous quarter’s survey.

The percentage of households that allocated portions of their remittances to savings went down to 38 percent from 50.4 percent.

Much of the remittances are still used for everyday expenses like food, education and medical expenses.

Majority (96.3 percent) of the households used remittances in Q2 2010 for food, while over sixty percent of the households (64.2 percent) used their remittances for education expenses. Read more

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