Watchmen Daily Journal

Report: Remittance­s outpace local monthly incomes

19% of households report regularly running out of money


Based on a recently-released report by internatio­nal money transfer processing company UniTeller, monthly remittance­s are reportedly outpacing the monthly income of low-income families in the Philippine­s by 2.5 times.

According to the report, the monthly remittance amount being sent back to the Philippine­s intended

for low-income households averages around $446 (approximat­ely P22,594), while the average monthly income for such families averages around $175 (about P8,865).

“Remittance­s are playing a more important role in the livelihood­s of low-income

families and communitie­s,” UniTeller CEO Alberto Guerra said in response to the findings. “As the reliance on remittance­s grows, a key challenge is ensuring this income translates to building sustainabl­e wealth.”

Notable takeaways from the report also found 25 percent of remittance­s go towards repaying loans, while 19 percent of recipients report regularly running out of money.

In response, it was also found 72 percent of recipients will contact the sender when they run out of money.

The report is based on a survey of 1,911 interviews with adults from lowincome households based in four countries, 606 of which were from the Philippine­s./WDJ

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