THE HONORABLE RON P. SALO
KABAYAN Party-list
Assistant Majority Leader
Member, Committees on Economic Affairs, Foreign Affairs,
Overseas Workers Affairs, and 9 other committees
OVERSEAS FILIPINOS PUMPED $20.7B OR P1.035T INTO PH ECONOMY FROM JANUARY TO AUGUST 2017
The Bangko Sentral ng Pilipinas, our country's constitutionally-mandated central monetary authority, is doing a splendid job at financial inclusion so that more Filipinos are able to avail of financial services wherever they are nationwide or overseas.
One clear sign of this is the growth in Overseas Filipino remittances sent through banks, money transfer firms, and other formal intermediaries.
The latest BSP figures show that personal remittances increased by 6.4 percent in August 2017 while from January to August personal remittances totaled US$20.7 billion, or P1.035 trillion (at P50 to $1.00), which is one-third of the country’s current budget.
Overseas Filipinos, our modern-day heroes, pumped P1.035 trillion into the Philippine economy, and continues to keep the economy afloat!
Working together with the formal financial intermediaries, the BSP, DOLE, DFA, DTI, and other government agencies were able to make the remittance services happen and protect the hard-earned monies of OFWs.
Here at home, there are continuing efforts to enable OFWs and their dependents to acquire financial literacy, including how to save for future emergencies, future needs, sound investments, and entrepreneurship.
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