International Funds Transfer To The Philippines – Some Facts You Might Not Know

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International Funds Transfer To The Philippines
Some Facts You Might Not Know
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The Philippines is among the top countries in the
world when it comes to residents sending money
back home since more than 10 of the countrys
population live and work abroad. In fact, after
the much larger countries of China and India,
Philippines is the third country in the world in
terms of remittances received.
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Overseas transfer of money is extremely
commonplace among the Filipinos since so many of
them do it on a regular basis and there are many
companies both within and outside the Philippines
that help the non-resident workers in a smooth
money transfer to the Philippines. Let us try and
understand the importance of the foreign currency
remittance to the economy of Philippines and how
it has helped in the dramatic economic growth
story of the country.
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The historical timeline of Immigration As per
history, the first wave of immigration took place
in the early 20th century when Filipinos were
hired to work in the sugar plantations and the
apple farms of the United States. The subsequent
waves of immigration in the 1970s and later saw a
lot of qualified young Filipinos such as
teachers, nurses, doctors and others migrating to
a slew of countries, specially in the Gulf, the
middle east and to Europe.
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A substantial population of Filipinos also work
onboard merchant and cruise vessels and is among
the largest nationality represented in many sea
going vessels and maritime companies. So much so,
that the Philippines is the only country in the
world that has institutionalised the deployment
of its people to work overseas since 1995.
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The importance of Remittance to the economy The
money transfer to the Philippines has been an
essential part of the countrys economy and
represents almost 10 of the nations GDP, among
the highest ratios anywhere in the world. The
nation saw a record amount of remittances in
2015, which was partly a result of the decrease
in Public expenses in the preceding year, but the
fact is that the money transferred to the
Philippines by its expatriate workforce is
critical to the consumption and growth story of
the country. In many ways, overseas transfers are
among the most significant contributing factors
that sustain growth and help to stabilise the
local currency, the peso against the US dollar.
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The various money transfer to the Philippines
Remittance modes Since the is quite substantial,
there is no dearth of options for the Filipinos
to send their money abroad and therefore the
money transfer market is quite competitive and
rapidly growing. With the growing competition,
more and more new services are emerging in the
space with more than 250 companies that allow
money transfer to the Philippines, as per a World
Bank report. Within that, the online money
transfer medium is among the fastest growing
overseas transfer choice that more and more
Filipinos are making.
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With companies like InstaRem, that has completely
changed the way people send money to their
countries, providing much higher levels of
convenience, trust and speed, Filipinos are fast
becoming more and more technology conscious and
are using technology and the internet to good use
in all fields, including the money transfer to
the Philippines. With an annual growth rate close
to 5, in the overseas transfer space, the
Filipinos are fast realising and using the
potential of companies such as InstaRem to safely
and speedily transfer money back to their
families.  
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