How families of OFWs spend their monthly remittances

From the latest consumer expectations survey conducted by the Bangko Sentral ng Pilipinas, the results that were released showed on how the hard-earned money sent by Overseas Filipino Workers (OFWs) to their loved one in the Philippines being spent and allocated.

Out of the 472 households included in the survey that received OFW remittances for Q2 2019, 96.4 percent used the remittances that they received to purchase food and other household needs, which increased from 95.5 percent recorded in the Q1 2019 result.

Further, the percentage of OFW households that apportioned their remittances for education (68.9 percent), medical expenses (49.8 percent), savings (33.9 percent), debt payments (23.1 percent), purchase of house (11.7 percent) and investment (7.6 percent) increased compared to the previous quarter’s survey results.

Meanwhile, the proportion of OFW households that allotted part of their remittances for purchase of appliances/consumer durables (18.9 percent) and car/motor vehicle (7.8 percent) decreased compared to the previous quarter’s survey results.

By geographical area, a higher percentage of OFW households in the NCR allocated part of their remittances to education, medical expenses, savings, as well as the purchase of appliances/consumer durables and house compared to their counterparts in the AONCR.