OFW Remittances Reach $25.8B in 2015

[Kells]

Lee C. Chipongian
Manila Bulletin
http://www.mb.com.ph/ofw-remittances-reach-25-8b-in-2015/#z6zH73b6eB4ZhCQb.99




"Cash remittances sent via the formal banking networks by overseas Filipino workers (OFWs) amounted to $25.76 billion in 2015, up 4.6 percent from $24.63 billion in 2014, the Bangko Sentral ng Pilipinas (BSP) yesterday reported."

I came across this on the Commision on Filipinos Overseas website. The article states that 1.8 million Overseas Fillipino workers sending home nearly $26 billion a year. That is a staggering amount of money. This has got to be having a huge impact on the Philippine economy.


Source:-
http://www.cfo.gov.ph/index.php?option=com_content&view=article&id=3030:ofw-remittances-reach-258b-in-2015-&catid=109:overseas-filipino-new&Itemid=840

[Longweekend]

Yes also on my pocket....:cwm25:

[jonnijon]

Seems everything shows as remittance, I have three pensions paid over here and they show on statement as remittance.

[Terpe]

My pensions too are remittances.

The OFW remittances are a huge input to the economy.
So many folks here with big spending power without any input to the economy in the way of employment or income tax.

I could easily get into a rant on this.............................but I'll not.........................
Not this time anyway.