Now, here’s one more good news.
According to the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), almost half of the families of Overseas Filipino Workers (OFW) are now saving and investing part of the remittances they are receiving.
Based on the second quarter consumer survey of the BSP, more than 48.6% of families of OFWs are now saving or investing part of their remittances for various types of financial investments. This figure was more than double the 21.9% of families registered in the first quarter.
One out of three households are now putting money into their bank savings — almost twice as big as the previous ratio.
More than 14.3% said they had set aside some of the money to purchase a house in the future.
Around 3% of the families now invest in financial instruments, including time deposits, stocks, bonds, or mutual funds.
If you are an OFW, try to educate your family to start saving or investing their money instead of spending everything. If you are a family supported by OFW remittances, make sure you save and invest part of what you receive so that when the family member working abroad returns, you have something to show them as fruits of their labor.
Looking for some ideas where to invest your money? Here’s our Investing Guide. Drop by the PMT Forum too to look for ideas where other members put their money.
Source: Philippine Daily Inquirer
