The Philippine Star December 15, 2009 MANILA, Philippines - Beneficiaries of remittances from overseas Filipino workers (OFWs) are turning to savings and investments to survive the uncertainty brought about by the global financial crisis, data from the Bangko Sentral ng Pilipinas (BSP) showed.
BSP Deputy Governor Diwa Guinigundo said in an interview with reporters that the percentage of households that allocated portions of their remittances to savings and for investments has steadily been increasing over the years.
Guinigundo pointed out that the central bank’s Consumer Expectations Survey (CES) showed that percentage of households that allocated portions of remittances from OFWs increased to 44.8 percent in the fourth quarter of the year from 39.9 percent in the third quarter and from only seven percent in the first quarter of 2007 when the quarterly survey was started.
“This is very important. That means OFWs are becoming more financially literate and conscious that what they are earning overseas would have to be saved which is precisely what is happening now,” Guinigundo stressed.
According to him, families of OFWs have realized the importance of savings and investments especially after the financial crisis struck the US late 2008 that rippled across the globe resulting in a worldwide economic slump. Ctoninue reading here http://www.philstar.com/Article.aspx?articleId=532540&publicationSubCategoryId=66
More OFW families are saving http://www.bworldonline.com/main/content.php?id=3200
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