Remittances from Overseas Filipino Workers (OFWs), digital workers, and small business owners surged in December 2023, reaching $3.6 billion — a 3.9% increase from the previous year. These funds often support family celebrations, year-end expenses, and business growth, highlighting their essential role in the Philippine economy.
The shift to digital remittance platforms is transforming how Filipinos send money home. According to Visa’s Money Travels: 2024 Annual Remittances Adoption report, 75% of Filipino senders used digital apps in 2023. These platforms offer faster, more secure, and affordable alternatives to traditional methods.
“The Philippines has a robust OFW remittance market, contributing approximately 8.5% of the country’s GDP,” Jeffrey Navarro, country manager, Visa Philippines, said in a media release. “With digital solutions, Filipinos now have more options to send money back home. This fosters financial inclusion by simplifying global transactions.”
Digital workforce
The growing digital workforce is also reshaping remittance patterns. Freelancers, virtual assistants, and those in the outsourcing sector increasingly send funds to the Philippines. By 2024, the Business Process Outsourcing (BPO) sector is expected to generate $35.5 billion in revenue, underscoring its impact on cross-border payments.
For small business owners, digital payment options open opportunities to expand operations. Visa’s research shows that 72% of surveyed SMEs found business management easier with digital payments.
Visa also introduced features enabling cardholders to instantly receive international funds by sharing their Visa card number.
“By enhancing digital money movement, we’re making it easier, faster, and safer for Filipinos to send and receive funds globally,” Navarro said.