Usapang Fil Am, a web program talk show produced by Pinoy Life Media discuss the 'Money Remittance and Balikbayan Box' topic and issues surrounding it on its 2nd episode to be live-streamed on October 21 Thursday 8pm EDT/ 5pm PDT.
Did you know that the Philippines ranks 4th among the top countries receiving money remittances, only behind India, China, and Mexico?
The biggest chunk of money remittances to the Philippines actually comes from Filipinos in the U.S. According to the World Bank, total OFW remittances in 2020 was $35 billion. More than one-third of that padala, or about $12 billion, came from Filipinos in the United States.This amount is almost 10 percent of the gross domestic product, or GDP, of the Philippines in 2020.
With about 10 million Filipinos living and working abroad at the moment, over seven million balikbayan boxes arrive in the Philippines each year, according to WorldRemit. For this year, the balikbayan box shipping to the Philippines is estimated to generate $5 billion in the U.S. alone.
Join hosts Cristina Godinez and Noel Pangilinan in this Thursday's episode of Usapang Fil Am's "Kuwarta o Kahon?" as the community try to look at the big picture when we talk about the ins and outs of money remittances and balikbayan boxes, and also as a lifeline and a way of expressing concern and care for family and friends in the Philippines.
The episode can be watched on Pinoy Life's Facebook page via this link