CFO eyes smarter use of growing remittances

Amid a sustained rise in overseas remittances, new partnerships are being forged to ensure that the hard-earned income of millions of Filipinos abroad is put to better use.

According to World Bank data, the Philippines ranked as the fourth-largest recipient of remittances globally in 2022, receiving $38 billion. These funds, while vital for household spending and local economic activity, also highlight the need for stronger financial education among Filipino families.

In response, the Commission on Filipinos Overseas (CFO) has teamed up with Rizal Commercial Banking Corporation (RCBC) to promote inclusive financial access and literacy, especially for overseas Filipinos and their dependents in the Philippines.

Speaking on The Chairman’s Report, a public affairs program hosted by CFO Secretary Dante Ang II, RCBC Executive Vice President Lito Villanueva underscored the importance of this collaboration. “We need to make sure that every dollar earned abroad is respected and maximized. Financial literacy for both OFWs and their families is essential,” he said.

The CFO-RCBC partnership, signed in early 2025, includes initiatives such as BahAI, a real estate platform designed specifically for overseas Filipinos. BahAI features verified property listings, financing tools, and a streamlined user experience to help global Filipinos safely invest in homes in the Philippines.

Villanueva also pointed to RCBC’s expanded digital banking solutions, which aim to give more overseas Filipinos direct access to financial services, even from abroad. “We must enable better decisions through access—not just to money, but to education and tools that empower people to make smart choices,” he said.

The program complements the government’s broader Bagong Pilipinas agenda, which encourages whole-of-government efforts to improve inclusion, innovation, and national development.

As remittance inflows continue to grow, stakeholders agree that ensuring each peso is used wisely could yield lasting benefits—not just for individual families, but for the economy at large.