OFWs investing less, saving more, says BSP

Filipinos working abroad are saving more, the Bangko Sentral ng Pilipinas said, prompting BSP Deputy Governor Diwa C. Guinigundo to say that this could indicate success of the BSP’s financial literacy campaign for OFWs. Zacky AbayonMANILA, Philippines - Overseas Filipinos workers are saving more and investing less in the last quarter of the year, a survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed.

Data from the central bank showed that 35.8 percent of households which received remittances opt to save money from 30.4 percent in the third quarter.

On the other hand, remittances allotted for investments declined to 4.7 percent in the last quarter from 7.4 percent in July to September.

“The savings culture among the overseas Filipino community is being ingrained," said BSP managing director for monetary policy Cyd T. Amador in a briefing on Thursday.

The survey's findings comes as a surprise considering the reputation of Filipinos abroad as extravagant or poor savers.

However, BSP deputy governor Diwa C. Guinigundo said that this could indicate fear among overseas Filipino households over the economy next year.

“Many want to hold on to their cash so that for any contingency, they have something to draw from," Guinigundo said.

He also said the higher savings could be an indication of success of the BSP's financial education campaign.

Guinigundo also said people have less confidence in financial investment instruments after the depletion of wealth in the equities and bonds markets. - GMANews.TV

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