BSP survey: More OFW households save part of remittances

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MANILA — The Bangko Sentral ng Pilipinas noted on its recent survey that more overseas Filipino workers’ households are saving a portion of their remittances.

OFW households allocating funds rose to 49.7 percent in the second quarter from 39.4 percent recorded in January to March.

The latest Consumer Expectations Survey of the BSP also showed that the figure is the highest recorded level since it reached 50.4 percent in the first quarter of 2010.

It improved to the fourth ranking from being fifth in the previous quarter.

Aside from savings, other uses of remittances included in the survey, were to buy food and other household needs, fund education expenses, and pay medical fees.

Remittances are among the main driver of the Philippine economy, as it support domestic consumption.

The latest data of the BSP showed that the country’s cash remittances reached 5.5 percent to $5.79 billion in the first quarter from $5.49 billion in the same period last year.