A study was conducted by ADB Philippines: “Enhancing the Efficiency of Overseas Workers Remittances”.
The study covered topics like OFW Remittance behaviours, Issues raised for measuring remittances and challenges ahead, Remittance trends. Although the study was conducted in 2005, it’s good to review at this time to see how much progress we’ve made.
Here are excerpts of the study:
Profiles and Remittance Behavior of Survey Respondents
Some characteristics of the survey respondents are noted below, and may very among other Overseas Filipino Worker groups.
- 80% of survey respondents regularly remit through banks or other regulated channels.
- Speed, trustworthiness, reliability and efficient service were rated as most important factors in selecting remittance modes.
- 9 out of 10 respondents save in banks or through personal hoarding, with 70% maintaining bank accounts in the Philippines and 52% using automated teller machine (ATM) for payments or remittance.
- In Singapore, where more than half of respondents were in domestic work which typically paid low wages, 80% stated they were able to save, and almost half indicated that they keep their savings in Singapore banks.
- A large percentage of respondents, 41% in the nationwide Philippines survey and 49% in Singapore, had to borrow money to pay for recruitment expenses, and 19% said they borrow while working overseas.
- Average amount of remittance sent monthly is $340. Monthly remittances ranged from $205 to $524.
- Beneficiaries surveyed use remittances for food, utilities, household expenses, personal care and effects, communications, transportation, education and special occasions.
Source: Worldbank.org Resources
eOFW is not related in any way to the companies featured in our articles except otherwise specified. We feature different companies for the information of our readers to help them better find services that suit their needs.
No related posts.