How well-prepared are Filipinos for the evolving methods of sending remittances to their loved ones
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Filipinos have been sending remittances through personal bank-to-bank deposits and online money transfers. In 2023, there were over 2.33 million registered overseas Filipino workers (OFWs) worldwide, and their remittances contributed significantly to the Philippine economy, amounting to US$37.2 billion. However, many Filipinos, like Wilma O'Brien, remain uncertain and unprepared for digital currencies such as cryptocurrency. Wilma O'Brien has been consistently sending remittances to her family in the Philippines since the 1990s. She used to send money through the bank but now prefers online money transfers for their convenience and speed. She has not experienced any scams so far. While she is comfortable with online and digital money transfers, she believes that older recipients may have difficulty with technology and internet access. She is not interested in learning about or investing in cryptocurrency due to concerns about scams. Overall, Filipinos rely on traditional methods of remittance but are slowly adapting to digital methods.

#Remittances #Filipinos #DigitalMethods #OverseasFilipinoWorkers

https://www.sbs.com.au/language/filipino/en/podcast-episode/how-well-prepared-are-filipinos-for-the-evolving-methods-of-sending-remittances-to-their-loved-ones/d0ros571x