Eyeing the remittance market

Remittances from overseas Filipinos workers (OFW) play a big role in keeping the country’s economy afloat. The money sent home by these overseas workers is behind the consumption-driven growth that has allowed the Philippines to become among Asia’s most promising markets.

In 2013, total cash remittances from overseas Filipinos reached $22.76 billion, growing 6.4 percent from the level in 2012 and well beating the Bangko Sentral ng Pilipinas’ (BSP) target of 5 percent. That year, the country’s economic growth surpassed analysts and the market’s expectations at 7.2 percent.