The Philippines depends on remittance to the extent that the Estrada administration declared the year 2000 to be "The Year of Overseas Filipino Worker in the Recognition of the Determination and Supreme Self-Sacrifice of Overseas Filipino Workers." Remittance accounts for an annual 8.9 percent of the country's GDP, as of 2016. In fact, the remittance flow is so significant that the World Bank rates the Philippines as the second largest recipient for remittances in Asia.
By 2015, close to 3 million Filipinos left home to find work abroad so they could support their families in the Philippines. They sent home a total of $28.5 billion in remittances. From 1990 to 2014, remittance inflows to the Philippines grew from $1.46 billion to over $25 billion. Since then, there’s been some slump. On the whole, however, remittances have become so important to these families that these migrant workers have earned their own acronym OFW for Overseas Filipino Workers.
Many Filipino workers move from their home country to different parts of the world to make a living, yet still maintain a close bond with their family. For this reason, the remittance business in the Philippines has continued to flourish and be a key component of the Philippine economy. These OFW remittances keep the Filipino families sheltered and fed. They also establish and develop businesses in their homeland. Naturally, OFWs look for the right service provider for sending money to the Philippines. A competing number of remittance providers exist, each with its own transfer and exchange rates. To help you choose your cheapest company, CompareRemit displays these rates on one platform, so you can compare fluctuating exchange rates and choose the cheapest provider.
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