Money Transfers to the Philippines
Filipinos living around the world sent more money home last December than ever before. Cash remittances to the Philippines have grown by 6.6% yearly. These international transactions reached $2.317 billion in December — the most the Philippines Central Bank has recorded since 1970!
Major sources of this money influx have included the United States, United Kingdom, Japan, and Hong Kong. There was a higher demand for skilled Filipino workers in these countries, and approved job orders through the Philippine Overseas Employment Administration increased by 10% since 2013.
Local, Global, and Economic Impact
This money remittance accounted for more than 8.5% of the Philippines’ GDP in 2014. Of the 1.6 million Filipinos deployed overseas, an estimated 46% engaged in service, production or technical work. Most workers were land-based, accounting for $18.7 billion of the increase. The rest of the workers, based at sea, made up the $5.6 billion difference. Most of the workers who send money back to their families in the Philippines do so using online methods.
Although the Filipino economy continues to boom, the rate of improvement slowed during 2014. The country’s growth percentage of 6.1% just missed the government’s target of 6.5-7%. Economic advisors blame a halted farm output for the slight downtick.
Start Sending Money to the Philippines Now!
If you need to send money to the Philippines, we invite you to use our effective, safe, and easy system. Call or email the Lucky Money team with any questions or concern you have about our process, or get started online right now! Our customer service representatives can be reached toll free at 1-888-826-4427 or by email at firstname.lastname@example.org.