Factors affecting the manner of sending remittances home
Date
2009-04
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Abstract
Remittances have been a popular topic because of their significant contribution to the development of Third World countries like the Philippines. However, previous studies have failed to consider the importance of the manner of sending these remittances. This study aims to examine the socio-demographic characteristics of OFWs that affect their choice of remittance mode. Not only is this study geared towards facilitating the shift from formal to informal modes but also in promoting the use of banks. Through logistical regression analysis, education is shown to have a significant influence in choosing banks over other modes. Moreover, OFW's region of origin seems to matter. Further, other factors such as age, length of stay abroad, occupation and country of destination appear to be important as well.
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Keywords
Remittances, OFW, Overseas Filipino workers, Filipino workers, OFW remittances, Socio-demographic characteristics