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(Jansen Romero/MANILA BULLETIN File Photo) “The remittances are crucial to the survival of families of OFWs and play an important role in the economy as a whole,” said Poe, chairperson of the Senate Committee on Banks, Financial Institutions and Currencies, in a statement on Tuesday, July 20. Citing data from the Bangko Sentral ng Pilipinas (BSP), Poe said OFW remittances totalled $30.1 billion in 2019. Despite the impact of the COVID-19 pandemic to the global economy, remittances in 2020 only dipped slightly to $29.9 billion, she noted. The BSP’s latest Consumer Expectations Survey also showed that 96 percent of households that receive remittances spend it on food and other needs.

Bangko sentralConsumer expectationsSenate committee on banksSenator grace poeSenate committeeFinancial institutionsConsumer expectations surveyநுகர்வோர் எதிர்பார்ப்புகள்செனட் குழு ஆன் வங்கிகள்செனட்டர் கருணை போசெனட் குழுநிதி நிறுவனங்கள்நுகர்வோர் எதிர்பார்ப்புகள் கணக்கெடுப்பு