(Jansen Romero/MANILA BULLETIN File Photo)
“The remittances are crucial to the survival of families of OFWs and play an important role in the economy as a whole,” said Poe, chairperson of the Senate Committee on Banks, Financial Institutions and Currencies, in a statement on Tuesday, July 20.
Citing data from the Bangko Sentral ng Pilipinas (BSP), Poe said OFW remittances totalled $30.1 billion in 2019.
Despite the impact of the COVID-19 pandemic to the global economy, remittances in 2020 only dipped slightly to $29.9 billion, she noted.
The BSP’s latest Consumer Expectations Survey also showed that 96 percent of households that receive remittances spend it on food and other needs.