Remittances from Filipinos abroad expected to rise by 4% in ’22

Global payments firm WorldRemit Ltd. is gearing up for an anticipated rise in remittance flows to the Philippines as economies around the world reopen, offering more digital options for sending funds.

“Our overseas Filipinos continue to rely on WorldRemit for secure, convenient and cost-efficient digital transactions for their remittances sent to their families back home. WorldRemit dedicates its services in supporting OFWs (overseas Filipino workers) in regaining financial autonomy as we adapt to a new normal that views COVID-19 as endemic,” said WorldRemit country director Earl Melivo.

Citing data from the Overseas Workers Welfare Administration, the UK-based company noted an increase in the number of Filipino workers deployed overseas to about 676,000 in 2021 from about 560,000 in 2020.

WorldRemit also said remittance inflows from overseas-based Filipinos reached an all-time high of $34.9 billion in 2021, and is expected to increase by 4 percent in 2022.

Despite economic challenges

The firm said OFWs continued to send money to their families here despite global economic challenges.

Melivo said the company would continue to assist OFWs by providing them easy and safe ways to send money.

WorldRemit offers various options for fund transfers other than through bank accounts.

One way is by cash pickup transfer, which allows the recipient to secure the cash from a collection point in the Philippines. The recipient is notified through a text message.

Another way is sending funds through mobile money transfer, which is done using mobile or electronic wallets. WorldRemit notes that mobile wallets are accessible even to individuals who don’t have a bank account. INQ