Remittances still a billion-dollar industry despite pandemic

ABS-CBN News

Posted at Aug 26 2021 01:46 PM | Updated as of Aug 26 2021 02:22 PM

Watch more on iWantTFC

MANILA – Remittances remain a billion-dollar industry worldwide despite lockdowns imposed amid the COVID-19 pandemic, a top leader of remittance company said.

“Just last year, we saw remittances to the Philippines hover around $29.9 billion by some estimates, and we know there are still millions of OFWs working abroad,” SendWave Market Launcher Dan Santos told ANC’s Market Edge.

Santos said about 40 percent of this number comes from Filipinos in the United States.

The SendWave app allows users to send money to countries in Asia and Africa without a remittance fee.

The company earns a small percentage from the currency exchange rate.

--ANC, 26 August 2021