OFW Families Start Saving More

At least half of overseas Filipino workers (OFWs) families in the Philippines started to save their hard-earned money, this is according to the Bangko Sentral ng Pilipinas (BSP) survey.

In its latest Consumer Expectations Survey, the BSP said the percentage of households that allocated portions of their remittances to savings has been steadily increasing since the second quarter of last year.

And in October to December last year, the central bank survey revealed that the percentage of households that save their remittances rose further to 50.4 percent, or half of the total 534 households.

There are about 8.7 million to 11 million overseas Filipinos worldwide, equivalent to about 11 percent of the total population of the Philippines.