The steady growth in overseas Filipino worker (OFW) remittances is a testament to the resilience and dedication of our workers abroad. As the latest data from the Bangko Sentral ng Pilipinas (BSP) shows, cash remittances increased by 2.9 percent to $22.
The steady growth in overseas Filipino worker remittances is a testament to the resilience and dedication of our workers abroad. As the latest data from the Bangko Sentral ng Pilipinas shows, cash remittances increased by 2.9 percent to $22.22 billion in the first eight months of 2024, putting the country on track to reach $34 billion to $36 billion by year-end. This is a remarkable achievement, especially considering the global economic uncertainties.
Equally important is the need to encourage a culture of savings and investment among all Filipinos, not just those with family members abroad. As University of Santo Tomas’ Jeremaiah M. Opiniano emphasizes, “remittances are privately owned,” and the government’s role should be to promote sound financial habits and responsible money management.
The path forward requires a multi-pronged approach. The government must continue its efforts to promote financial literacy and responsible money management among Filipinos, both at home and abroad.
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