It’s beginning to look a lot like Christmas–with the incoming holiday rush of remittances from Overseas Filipino Workers (OFWs).
According to the National Economic and Development Authority, remittances will hit a yearly high in December as migrant workers send home cash for the Christmas holidays. In December 2021, former Bangko Sentral ng Pilipinas Governor, Benjamin Diokno, said personal remittances reached a record high of $3.3 billion, the highest monthly level since tracking began in 2005.
“This Christmas, we are expecting money transfers to increase as OFWs prepare for the holiday with their loved ones from overseas. Sending money for an important cultural event like Christmas is an easy, fast and safe way to participate in festivities for those who can’t make it home to be with friends and family,” said Earl Melivo, Interim APAC Managing Director of WorldRemit.
As a leading cross-border digital payments channel, WorldRemit’s robust payout network in the Philippines allows recipients remit from partner centers, banks, and mobile wallets. As an ever-reliable online service, WorldRemit operates 24/7, even during Christmas.
“WorldRemit is here even for those who might have forgotten or have been unable to send home gifts until the last minute. We are aware of the difficulties many are facing at home and abroad, so we’re here to make things easier by being there whenever you need us,” Melivo added.
