According to the survey on Overseas Filipinos done by the Philippine Statistics Authority released last May 18, 2016. Follow this link for the full article (https://psa.gov.ph/content/2015-survey-overseas-filipinos-0)

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The number of Overseas Filipino Workers (OFWs) who worked abroad at anytime during the period April to September 2015 was estimated at 2.4 million. Overseas Contract Workers (OCWs) or those with existing work contract comprised 97.1 percent of the total OFWs during the period April to September 2015.  The rest (2.9%) worked overseas without contract.

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Saudi Arabia remained the top destination of OFWs. One in every four OFWs (24.7%) worked in Saudi Arabia, which remained to be the top destination of OFWs in April to September 2015. Other countries in Asia which were popular destinations of OFWs are United Arab Emirates (15.5%), Hong Kong (5.9%), Kuwait (5.8%), Singapore (5.7%) and Qatar (5.5%).

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The total remittance sent by OFWs during the period April to September 2015 was estimated at 180.3 billion pesos. These remittances included cash sent home (135.6 billion pesos), cash brought home (37.3 billion pesos) and remittances in kind (7.4 billion pesos).  The majority of OFWs sent their remittance through banks (62.2%) while the rest through agencies or local offices (4.0%), door-to-door delivery (2.4%), friends or co-workers (0.1%) or through other means (31.4%).

 

Of the total cash remittance sent by OFWs, 29.2 billion pesos was the total remittance sent by laborers and unskilled workers comprising the biggest share of 21.6 percent. On average,  remittance amounts to 41 thousand pesos per OFW who is an unskilled worker. The total remittance of OFWs working in Asia, comprising 83.9 percent of all OFWs, accounted for 76.1 percent of the total cash remittances. From other countries, the percentage shares are as follows, Europe (10.7%), North and South Africa (9.2%), Australia (2.2%) and Africa (1.7%).

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Two in every five OFWs were able to save from their cash remittances

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The total number of OFWs who sent cash remittances to their families from April to September 2015 was about 2.1 million OFWs.  Of this number, 39.1 percent were able to save from their cash remittances. Regardless of the amount of the cash remittances sent, more than three in every five (65.7%) OFWs were able to set aside less than 25 percent of the total amount received. 

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This survey shows that OFWs earn and sends a very large amount of money back home to their families and relatives. But it is not uncommon to hear and see a lot of OFWs who come home to the Philippines for good and have very less or no savings at all and some are even buried in debt. For many OFWs, instead of being able to save and invest money, they encounter critical problems which roots from poor money management.

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This is why it is essential for Filipino adults and OFWs to be financially literate and stop spending money that they haven't earned in order to win with money, retire with dignity and leave a legacy to their family.

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How to start?

Learn to be financially literate here and here.

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