Food, education and medical budgets were still among the top expenses made by Overseas Filipino Workers (OFWs) and their families, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).
FOOD, education and medical budgets were still among the top expenses made by Overseas Filipino Workers and their families, according to the latest data from the Bangko Sentral ng Pilipinas .
“OFW remittances are still mainly used for food and other household needs, education, and medical expenses in the first quarter of 2023,” BSP said. OFW remittances were allocated by 8.4 percent of households to make investments while 5.6 percent purchased cars and other motor vehicles in the first quarter of 2023.
In the first quarter of 2023, BSP data showed 97.5 percent of households that received remittances had OFW members. In NCR, this was only at 96.5 percent while in AONCR, this was higher at 98.3 percent.
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