Most OFW families spend remittances on food – BSP
Published on 17 December 2012 Hits: 145 Written by RAADEE S. SAUSA
Of the 478 households that received overseas Filipino workers (OFW)
remittances in fourth quarter 2012, 95.4 percent used them for food,
according to the latest Consumer Expectations Survey (CES) of the Bangko
Sentral ng Pilipinas (BSP).
The central bank said over the weekend that almost 70 percent of the
households (68.8 percent) surveyed allocated their remittances for
education, 65.5 percent for medical payments and 44.1 percent for debt
payments.
Rosabel Guerrero, director of the BSP-Department of Economic Statistics
said that "the percentage of OFW households that utilized their
remittances for savings increased to 39.5 percent [from 36.8 percent in
third quarter 2012], while those that apportioned part of their
remittances for investment [i.e., business capital or stocks] declined
to 3.1 percent [from 4.9 percent in third quarter 2012 survey]."
"Also, the percentage that utilized part of their remittances to
purchase consumer durables, houses and lots, and motor vehicles
decreased compared to the previous quarter's results," she added.
However, the survey further noted that consumers had a more favorable
view on the employment situation as the unemployment rate index dropped
to 40.7 percent from 46.8 percent in third quarter 2012.
Guerrero added that fewer respondents expected interest rates and prices
to go up in the next 12 months.
"Respondents anticipated inflation to decline to 7 percent from 7.5
percent in third quarter 2012, reflecting their outlook of more stable
prices for the next quarter and the year ahead. These are consistent
with the declining trend in inflation figures for fourth quarter 2012
relative to third quarter 2012," she said.
Meanwhile, BSP added that consumers anticipate that the peso would
continue to appreciate against the US dollar in the year ahead, in line
with expectations of continued strong inflows of foreign exchange from
foreign direct and portfolio investments and business process
outsourcing services.
For fourth quarter 2012, the CES was conducted during the period October
1 to 12, 2012 with a total sample size of 5,789 households, of which
2,961 (51.1 percent) were from the National Capital Region (Metro
Manila) and 2,828 (48.9 percent) from the areas outside the NCR.
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