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! Continue reading Remittance to Philippines Skyrockets
Transferring Money Around The Globe
Remittance patterns across the globe tend to follow patterns of migration.
The spread of globalization has accelerated migration trends and indirectly influenced many industries, including the remittance industry. Per the United Nations, 230 million people lived abroad (outside their home countries) in 2013. Per the World Bank, “remittances sent home by migrants to developing countries are equivalent to more than three times the size of the official development assistance.” Continue reading How Migration Influences Remittance