Higher OFW Remittances
Posted on Aug 03 2008 | Filed in: News
The Bank of the Philippine Islands (BPI), the Philippines’ largest banking channel for overseas remittances, foresees a growth of 38% this year, particularly as OFWs or overseas Filipinos set aside more funds for savings.
Since this is based on the first half of 2008, things might slow down given the developments in the global economy. Fortunately, no such let up in remittances has been seen so far.
According to BPI senior vice president Teresita Tan, the largest growth is coming from the Middle East and Europe, and it would be no surprise if more of our kababayans working in those areas will think of investing in a condo or buying a house and lot, because interest in Philippine real estate is on the rise.
In the case of BPI, the overseas Filipinos are keenly interested in BPI’s savings deposits products, particularly those bundled with free life and accident insurance.
Will this translate into healthy investments in Philippine properties? We shall see soon enough…