Remittances to the Philippines reached a staggering US$33.5 billion in 2019, maintaining the country’s spot as the fourth largest remittance recipient globally and representing a nearly 4 percent increase in remittance flows from 2018. The vast majority of these transfers were made by overseas Filipino workers, known as OFWs, in order to support loved ones back home.
Inbound remittance is a lifeline for millions of people in the Philippines, and the money OFWs send home amounts to more than 9 percent of the country’s gross domestic product. The average OFW sends US$446 a month back to the Philippines, where an entire household’s monthly income is just US$175.
Telcoin Starts Beta Testing between Canada and Philippines
