Bangko Sentral advises OFW families: Save, invest using remittances

ABS-CBN News

Posted at Dec 26 2019 11:59 AM | Updated as of Dec 26 2019 12:13 PM

Watch more in iWantTFC

MANILA -- Families of overseas Filipino workers should save and invest money received from abroad, the Bangko Sentral ng Pilipinas said Thursday, with remittances expected to keep growing next year.

Remittances are expected to grow 3 percent in 2020, as developed countries continue hiring mostly in the health sector to care for their elderly population, said BSP Deputy Governor Francisco Dakila Jr.

"Dapat merong enough tayong savings at madala ito sa isang pagkakakitaan," he said.

(They should have enough savings and invest it in business.)

"Dapat magplano ng mabuti yung pamilya kasi makikita natin na hindi naman pang habang buhay tatanggap ng remittances," he said.

(The families of OFWs have to plan well because we know that OFWs cannot send remittances forever.)

Remittances from Hong Kong have been hit by pro-democracy protests, he said.

"Over the long term, inaasahan natin na magiging maganda ang prospect para sa OFWs kasi kung titingnan natin ang nangyayari sa advanced economies ngayon, karamihan ng kanilang populasyon ay tumatanda so kailangan nila ng workers especially yung nagtratrabaho sa health sector," he said.

(Over the long term, we expect that prospects for OFWs will be good because advance economies with aging populations are in need of workers, especially in the health sector.)