13 Aug 2024
Do you know the role of the Filipino diaspora in accelerating remittances through frequent money transfer to Philippines from UK? The Philippines is a developing country that is rapidly moving toward progress. Its economy greatly relies on remittances. In 2023, the Philippines received 33.5 billion U.S. dollars. More than 10 million Filipinos live overseas. These immigrants frequently send money to the Philippines to help their families enjoy good lives. These overseas Filipino workers play a crucial role in the country's economy through remittances.
When Filipino expats send money to the Philippines, they pay a specific amount of tax to the Filipino government on every transaction. These taxes are used in various projects for the country's development, such as fintech and investment in business, industries, medical, and health sectors. Moreover, it keeps the banks functional and ensures monetary circulation. The word ‘Diaspora’ means the people who move to other countries to earn. Filipino diaspora can be found in various cities like Canada, India, the USA, the UK, and France. Scroll down to learn the role of the Filipino diaspora in accelerating remittance growth:
The Filipino diaspora plays a significant role in promoting remittance. Frequent money transfer to Philippines from UK encourage the government to improve remittance methods. When they send money to their families, it is used in different areas, encouraging others to move abroad and stabilize their financial lives.
Frequent remittance transactions from abroad added to the country's GDP. The taxes deducted from it are used for different purposes, such as technological advancement. Technology plays a significant role in facilitating remittance. Frequent remittance encourages improvement in fintech. It leads to the addition of modern security tools like blockchain, biometrics, and the fastest transaction, which are also helpful for inter-country purposes.
The Filipino diaspora plays a significant role in alleviating poverty through remittance transfers. Most Filipinos send money to their families regularly to cover their monthly expenditures. Filipino families then use this money for different chores, such as buying groceries and clothes, paying bills, and paying taxes. It raises people's living standards and helps minimize poverty in families.
Foreign money is often used to pay Filipinos' healthcare dues. The government also uses remittances to improve public medical centers. Filipino expats send money online to Philippines to help their families with emergencies. Nearly 9.41% of the Filipino GDP depends upon remittance, which is used in different economic development projects.
Remittances create opportunities for business and industrial growth in the Philippines. Filipino expats send money abroad to invest and earn good profits. Moreover, their investing in the Philippines helps industries and companies progress. People get the employment, and the economy evolves. The flow of remittances also promotes local investments and entrepreneurship. In short, the wise use of remittances in economic projects accelerates remittance growth.
Government collaboration with financial institutions is vital to enhancing the remittance process. The Filipino diaspora connects with international and foreign banks to lower money transaction costs and increase remittance growth. Lower fees, high security, and fast speeds encourage people to send remittances. Furthermore, the money is used in multiple economic development projects, such as health, education, and businesses.
Read more: The Impact of Remittance on the Philippine's Economy.
The Filipino diaspora plays a significant role in boosting the household income of multiple families. Their families use the finances for various purposes which helps remove poverty from homes and specific areas.
The financial connection of expatriates with their Filipino families accelerates remittance growth. Expatriates continue to send money to their families during occasional ups and downs. Occasionally, expatriates send money to the Philippines to their families, maintaining the remittance flow. ACE Money Transfer is one of the best services for sending money to the Philippines on special occasions or for making emergency transactions.
Although the Filipino diaspora plays a significant role in promoting remittance growth. So, the need to stay financially connected helps promote remittance. However, some other drivers of remittance growth include the following:
A cost-friendly way of remittance encourages expats to send money because expensive remittance services may result in a significant loss of money. Although digital remittance has become more affordable with the advancement of technology, some services still offer high charges for remittance transactions.
The security of money is the priority of every expat, and they are always concerned about their remittance safety. ACE Money Transfer ensures that each hard-earned penny of expats reaches its destination. Secure remittance methods allow expats to send money without fear of theft.
Expats face several challenges converting currencies because they lose a huge part of their money. Affordable exchange rates and services like ACE Money Transfer help expats enjoy reasonable services.
The Filipino government should take steps to design smooth digital banking to facilitate expats. If there are no payout locations in the Philippines, remittances might be at risk of getting lost. Money transfer services like ACE Money Transfer are highly accessible in the Philippines, encouraging expats to send remittances anytime.
The term diaspora is used for all those Filipinos who leave their country and live abroad to earn. They sacrifice their relationships and choose this path to support their families and stay connected to them financially during their hard times. The Filipino diaspora is responsible for increasing remittance growth by making active and frequent transactions. They send money to their families to help them meet the financial challenges. Diaspora encourages remittances through making investments and opening businesses in the Philippines, and all these things result in the economic growth of the Philippines. Moreover, the availability of secure, safe, fast, and affordable remittance services motivates expats to remit more.
Diaspora plays a significant role in promoting the remittance of the Philippines. It is because they always stay financially connected with their families. Whether ceremonies or emergencies, expats support their families by making an online money transfer to Philippines from UK. They help them withstand financial challenges. Remittance to a family is not restricted to their household income; it adds to the foreign wealth of the country and plays a huge role in improving the country's economy. A significant portion of the Philippines' GDP relies on remittance, highlighting its worth.
The country uses the remittance amount for regional growth, empowering technology, improving medical and educational sectors, and supporting business. Moreover, expats also send money to the Philippines for investing purposes. They work hard abroad, earn money, and invest in different projects that significantly drive a country's economy. ACE Money Transfer provides reliable and efficient remittance services to the Filipino diaspora so they can easily send money to the Philippines. ACE is an affordable service with advanced security tools, competitive exchange rates, and low fees. All these factors encourage expats to send more money to their Filipino families.
The Filipino diaspora boosts remittance growth by sending money back home to support their families. Their active and frequent remittance transactions promote this growth.
Improved financial services play a considerable role in promoting remittance services. Advanced technology, high security, high accessibility of financial institutions, low service charges, and affordable currency exchange rates promote remittance.
Remittances empower the Philippines' economy by alleviating poverty, boosting household incomes, and empowering the educational and medical sectors. They also open ways of investment and industrial growth.
You can send money to the Philippines from abroad through digital banks or online remittance transfer services. ACE Money Transfer is also an affordable and secure way to do so.
There are many payout locations for Filipinos to withdraw money, such as banks, franchises, money transfer operators, and convenience stores. ACE is connected with hundreds of bank branches and franchises in the Philippines to offer ease of remittance receivers.
