Notice: wp_enqueue_script was called incorrectly. Scripts and styles should not be registered or enqueued until the wp_enqueue_scripts, admin_enqueue_scripts, or login_enqueue_scripts hooks. Please see Debugging in WordPress for more information. (This message was added in version 3.3.0.) in /home/immigration/public_html/wp-includes/functions.php on line 4138
Overseas Filipino Workers investing more from remittances | Immigration Matters

Want to learn more about UK/EU Immigration Law? Click Act Now to learn more... Act Now

Call Us +44 7950 458 464 |
 Categories : News


The Business Mirror reports that the number of families of overseas Filipino workers (OFW) that set aside a portion of their monthly allotment as investments is growing, the Bangko Sentral ng Pilipinas (BSP) said.

From only 5.8 percent of OFW families surveyed in January, their number swelled to 7.2 percent in the latest data that measures in general the confidence of Filipino consumers in April.

Deputy BSP Governor Diwa C. Guinigundo noted the growing number following the release of consumer confidence data which showed a slight weakening in the second quarter of the year.

“Those households using remittances for investment purposes increased to 7.2 percent from 5.8 percent,” he told reporters. Total remittances from an estimated 8 million Filipinos abroad reached a total of $17.3 billion in 2010.

Nevertheless, the percentage of households that allocated portions of their remittances to savings went down to 38.0 percent during the survey period from 50.4 percent three months earlier, Guinigundo said.

The great majority of households, or 96.3 percent of total, use the money for food; and 64.2 percent spend the money for the education of their children.

Covered by the latest survey are 5,706 households, a little over half of which (3,104 or 54.4 percent), are from Metro Manila.

Traditionally, the bulk of families receiving foreign-exchange earnings of family members working overseas are neither known much as savers or investors.

However, the number of families that do invest some of the repatriated money in small enterprises or financial tools has steadily grown in small increments, the BSP noted.

Most savings are in the form of bank deposits that earn very little interest over time, as most remittance recipients are not financially sophisticated.

The BSP is confident, however, that the OFW families would in time invest their savings in a wider menu of options as the continuing financial literacy campaign championed by the central bank begins to bear fruit—both in the country and among the migrant workers reached by the seminars in labor-hosting countries.

The campaign has gone to Hong Kong, Dubai and other parts of the Middle East, among many territories where thousands of overseas Filipinos work in various fields of endeavour.

Banks such as the privately-owned Security Bank and HSBC have also conducted financial literacy campaigns of their own to parallel efforts the BSP pioneered in much earlier.

Some sophisticated banks and financial institutions have crafted innovative products aimed at securing part of the monthly flows. For instance, global insurer Axa Life Insurance and Investments is preparing a new product just for OFWs, which apparently guarantees uninterrupted remittance if something happens to family members working overseas and cuts off the remittance flow.

Such a product has yet to muster the approval of the Insurance Commission, Axa officials said. Source: Jun Vallecera, Business Mirror, Philippines.

See also:

Immigrants’ contribution to entrepreneurialism revealed

Immigration cap ‘would damage hospitality sector’ say REC

British Department of Health recruiting Indian doctors

UKBA publish updated Tier 2 policy guidance for skilled workers

If you need any immigration advice or help with Sponsorship or Work Permits, Visa or an appeal against a refusal please email:  or visit

Spread the Word, like or share this page, your friends will also love it and thanks for it.

Do you employ foreign workers? Don't risk a £20,000 fine and a possible custodial sentence. We can advice on Entrepreneur Visas, Investor Visas and Home Office sponsor licence compliance for your business. Use the button below to schedule an appointment...


Immigration Adviser, Speaker and Author See also: Profile - Profile:!/groups/14119859749/

2 Responses to “Overseas Filipino Workers investing more from remittances”
Read them below or add one

  1. […] Overseas Filipino Workers investing more from remittances […]

  2. ubah saed mohamed says :

    My name is ubah and i want to ask you how can my brother have pass and he is british overseas and now he is in Somalia please can you give me informations thank you

Leave a Comment

Your email address will not be published. Required fields are marked by *.

You must beLogged in to post a comment.