ONLINE money transfer platform WorldRemit foresees that December will continue to be a peak month for overseas Filipino remittances despite the coronavirus pandemic.
Citing its latest survey, WorldRemit country director for the Philippines Earl Melivo said 84 percent of those who previously sent money to the Philippines are planning to send more or about the usual amount for Christmas this year.
Fifty-three percent want to help family and friends back home who have been financially affected by the coronavirus pandemic while 37 percent want to make up for not being there in person this year.
Some also want to take advantage of the low exchange rate.
WorldRemit surveyed 3,167 overseas Filipinos in the United Kingdom, the United States, Canada and Australia.
Melivo said the firm is anticipating a higher volume of remittances this Christmas season.
“This goes with the whole industry as well. WorldRemit is a digital player that is already able to provide essential services, enabling money transfers to actually be received by the beneficiaries,” said Melivo.
International remittance to the Philippines reached US$32 billion in 2018 and almost $33.5 billion in 2019, growing at an average of four percent per year since 2015.
Major send markets are the US, Saudi Arabia, United Arab Emirates, Singapore, the UK, Japan, Taiwan, Canada, Hong Kong and Qatar. / JOB