Overseas Filipinos in the US, the UK, and Canada have increased the money they sent to their loved ones in the Philippines in 2021 as spending on education and medical expenses also rose amid the continuing pandemic.
A research from WorldRemit, one of the major global payments companies, showed that the most common reasons for the higher remittances were daily expenses, gifts, medical expenses, and education.
The research found that 44 percent of respondents said the amount they sent for medical expenses has increased. Forty-one percent of respondents also said the amount they sent for daily expenses also increased.
Thirty percent also said that the amount they sent home for utilities rose while 35 percent of surveyed Filipino migrants said they adjusted higher the amount for education.
The WorldRemit’s study surveyed more than 3,000 of its customers. The remittance firm noted the striking picture of the importance of remittances to the loved ones of immigrants, alongside the impact we know it has on the global economy.
The research also showed that 68 percent of respondents sent money abroad at least monthly, with a further 28 percent sending multiple times a year.
The Philippines was one of the top most recipient countries for remittances at 18 percent of its respondents. This trend is likely to continue as these countries continue to recover rapidly from the COVID-19 pandemic — with the country having seen a significant GDP growth of 4.5 percent.
“We are proud to support customers in every aspect of their lives, as we understand the critical role migrants play in their families in normal circumstances and even more so during a pandemic — ensuring their loved ones have access to medical care and the funds for their day to day needs,” said Earl Melivo, WorldRemit Philippines Country Director.
“WorldRemit strives to offer a reliable, fair and convenient experience for people all around the world supporting their families back home. In turn, we are also inspired by our customers who continue to invest in education despite these uncertain times, thus shaping a better future for their loved ones,” Melivo added.
WorldRemit customers in the USA, Canada, and UK who had opted in to email and marketing communications were sent an eight-question survey about their remittance behavior and motivations on December 4th 2021. The online survey resulted in 3,191 responses generated between December 4 and December 31, 2021.
WorldRemit currently sends from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
WorldRemit is 100 percent digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe, and Belgium.