OFWs sending more money for medical needs – survey

MANILA, Philippines — Overseas workers sent more money to their loved ones in the Philippines for medical expenses amid the pandemic, according to a survey conducted by London-based  global payments firm WorldRemit.

The results of a customer survey titled “Sending Money in a Time of COVID” showed that more than half of the respondents  said that  remittances they sent   were higher in 2021 because of COVID-related medical expenses.

WorldRemit said remittance data showed that COVID sparked a global  increase in remittances.

“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,” WorldRemit Philippines country director Earl Melivo said.

Melivo said the company 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,” he said.

The Philippines was one of the top recipient countries for remittances, accounting for   18 percent of the total, followed by Nigeria (11 percent) and Ghana (10 percent). India,  the world’s largest recipient of remittances, received $87 billion in 2021.

According to the survey conducted from Dec. 4 to 31 last year, about 41 percent of the 3,000 respondents send money to the Philippines several times a month.

“COVID-19 has affected all our lives the world over: the way we learn, work, shop and interact with others,” WorldRemit said.

The research showed that people sending money from the US, the United Kingdom, and Canada continue to adjust their remittance habits to a new way of living due to global health crisis.

The survey, WorldRemit added, painted a striking picture of the importance of remittances to the loved ones of immigrants, alongside the impact on the global economy.

Globally, about 68 percent of the respondents sent money to their family back home at least once a month, while 28 percent said they send remittances multiple times a year.

“The pandemic has increased expenses and thus, remittances during 2021. When asked to provide context behind sending money home to loved ones, the most common were daily expenses, gifts, medical expenses and education,” WorldRemit said.

Globally, the survey showed 44 percent of the respondents cited the amount they send for medical expenses has increased, while 41 percent said the amount they sent for daily expenses has increased.

Likewise, 38 percent of the respondents cited the amount they send for utilities increased and 35 percent said the amount they send for education increased.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed OFW remittances climbed by 5.3 percent to $31.58 billion from January to November last year compared to  $29.97 billion in the same period in 2020.

Of the total amount, cash remittances coursed through banks increased by 5.2 percent to $28.43 billion during the 11-month period from $27 billion.

The BSP was expecting a faster six percent growth in remittances in 2021 as host countries continued to reopen their borders for OFWs amid the gradual reopening of the global economy from strict COVID lockdowns.