More OFW households saving money
MORE FAMILIES of overseas Filipino workers (OFWs) set aside remittances
for savings and investment, amid an increase in financial literacy as
well as savings and investment opportunities.
Among households that received overseas Filipino workers (OFW)
remittances in the first quarter, 42.7% used remittances for savings,
while 8.5% made financial investments, data from the Consumer
Expectations Survey of the Bangko Sentral ng Pilipinas (BSP) released in
March showed.
These numbers were higher than the 41.4% and 5.7% OFW households that
had saved and invested, respectively, in the same period last year.
"They are getting a lot of financial literacy training," said Golda Myra
R. Roma, director for policy planning and research at the Commission on
Filipinos Overseas. "There is the realization already of the value of
saving for the future."
The BSP noted a major shift in the use of remittances by beneficiaries.
When the quarterly survey started in 2007, only 7.2% saved the money
sent home by loved ones abroad, while only 2.3% invested.
"It is good that more OFW households are saving and investing, because
they are able to prepare for their return and stay here. Some families
are already able to get rid of their consumerist attitude," said Ms. Roma.
BSP data showed that OFW households continued to spend remittances
primarily for food, education, medical expenses, and debt repayments.
Remittances in the first quarter grew by 5.4% to $4.842 billion. The
rate of increase was slower than the 5.9% recorded in the same period
last year.
Ms. Roma acknowledged the efforts of the government, non-governmental
organizations, and private financial companies to provide programs and
products to increase financial literacy and saving opportunities for OFWs.
"Eventually, we would like the OFWs to come back and maximize their
potential, shaped by their experiences abroad," she added.
The BSP survey covered 5,852 households nationwide, out of which 589
received OFW remittances in the first quarter. — Carmina Angelica C.
Valeroso
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