The results of the Bangko Sentral ng Pilipinas third quarter 2021 Consumer Expectation Survey show that more families of overseas Filipno workers are turning to investments as cash remittances are growing at a faster rate of six percent this year with the gradual reopening of host countries from the impact of the COVID-19 pandemic.
The CES reported that the percentage of households with investments almost doubled to 11 percent from 6.1 percent in the second quarter. On the other hand, families saving the money they received from loved ones abroad declined to 31.8 percent from 33 percent.
Latest data released by the central bank showed personal remittances increased by six percent to $19.78 billion from January to July compared to last year’s $18.66 billion. Likewise, cash remittances coursed through banks expanded by 5.8 percent to $17.77 billion from the previous year’s level of $16.8 billion.
The CES, which was conducted from July 1 to 14 covering 5,560 respondents, surveyed more than 300 OFW households.
The BSP’s Department of Economic Research said the Monetary Board took into consideration the robust growth in remittances with the redeployment of more OFWs as the global economy recovers from the impact of the pandemic.
“Now several factors support this upward revision. Firstly, is the sustained recovery of OFW remittances in the first half of the year. Secondly, we have observed increased global demand for foreign workers as host economies start rebooting their economies,” managing director of the Department of Economic Research Zeno Ronald Abenoja said.
As foreign economies start to recover, OFWs should continue to prop up our economy that is still getting on its feet. However, our country cannot depend on these people we dub as modern day heroes to pick up the slack all the time, simply because they found employment in countries where economic recovery is already a reality. The Philippine government has to ensure that all Filipinos can also start thinking about investments soon, rather than just scrounge around for their next meal in a country where jobs are still scarce and the prospects for economic recovery remain bleak.*