Survey details ways Filipinos used remittance money this past summer
When people transfer money abroad, those funds are used in a variety of ways, as families have a variety of responsibilities and obligations. But when it comes to people who send money to the Philippines, odds are that it will go toward paying for food and groceries.
According to a recent report from the Bangko Sentral ng Pilipinas, approximately 97 percent of the remittances sent by overseas foreign workers were used for food between July and September of this year.
That's not the only way in which the money was used. Of the nearly 500 households surveyed, 75 percent also set some of the money aside for education-related expenses. In addition roughly two-thirds devoted it to medical payments and half toward debts and bills.
Saving was less common among Filipinos in the third quarter, as the report showed that about three in every 10 families saved some of the money so that they could use it on another purchase at a later date. That's down from the previous quarter, when nearly five in every 10 Filipinos saved.
At the same time, though, many Filipinos were interested in making their earning potential grow. About 5 percent of people in the survey said that they invested what they got from an online money transfer, which was about where the level stood when contrasted with the previous three-month period.
There's no shortage of usages for remittances, as evidenced by the purposes Filipinos prioritized this past summer.