Remittance in the Philippines

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Just in time for the Christmas season, Xoom, a PayPal service, just launched a “request” feature in their online money transfer service remittance beneficiaries can use to easily send a request to their loved ones in the U.S.

The United States of America is the leading sources of cash remittances for 2016, totaling to US$6,596,432 from the period of January to September. Xoom’s new ‘request’ feature offers Filipino beneficiaries a single digital tool to control the frequency and form in which they receive funds that are often used for necessities like food, utilities or healthcare expenses. Sending a request is free; it takes just a few easy steps and beneficiaries can make requests 24/7 on the web from any mobile phone, tablet or computer.

A 2016 report by the Central Bank of the Philippines has stated that personal remittances from Overseas Filipino Workers have reached US$7.2 billion in the first quarter of this year, which is higher by 4.3% as compared to the same period in 2015.