Remittances seen bouncing back from lows but overseas job market remains weak

In an interview with BusinessWorld, UniTeller Philippines President, Noel Fernando Cristal shared that while the prospects for OFWs remain clouded, signs of resilience and relief have begun to signify that the worst may have passed.  

Find out which markets Noel believes would continue to be bright spots for overseas employment for OFWs here

Remittances on an Uptrend

In an interview with Manila Bulletin, CEO Alberto Guerra shared that his outlook for 2021 remains positive as the global economy rebuilds. He expects digital transactions to gain momentum as national government agencies and fintech players continue improving the infrastructure and channels for cashless transactions. 

He said, “The remittance industry will continue to be resilient if we apply the lessons from the past 12 months” pointing out that digital remittances should be emphasized as the way forward in order to achieve greater financial inclusion and access, particularly for unbanked communities. 

Read here to find out more about his interview.

OFW households told: Look beyond remittance source

With the pandemic affecting many OFWs working in global tourism, airport services, shipping, and other such industries, UniTeller Philippines President, Noel Fernando Cristal shared with BusinessMirror his views on why it’s important for remittance-receiving families to explore other sources of livelihood outside of labor migration to survive this pandemic and beyond. 

Find out more about his interview here and here.

Launch of UniTeller’s Both Sides of the Story – The Sender’s Story report

UniTeller published a new report which highlights the reliance of low-income families in Asia on remittances and reveals that senders of remittances are willing to continue making sacrifices to support their families back home. 

The report, titled Both Sides of the Coin: The Senders’ Story, is the second instalment of UniTeller’s research into the behaviors and attitudes of senders and receivers of remittances from low-income families across Asia. 

Both Sides of the Story – The Senders’ Story full report can be downloaded here

News articles covering UniTeller’s report: 

Asia Times 

Business World | The resilience of remittances 

Business Mirror  

Business Mirror | Carrying on in times of COVID 

Business World  

Launch of UniTeller’s inaugural report in the Philippines

In tandem with the launch of UniTeller’s inaugural report Both Sides of the Coin: The Receivers’ Story, a press briefing was held at UniTeller’s Philippines office.  

Nine key business media were present at the press briefing including top-tier local and regional publications such as BusinessWorld, BusinessMirror, GMA News Online, Philippine Daily Inquirer, Nikkei Asian Review and Bloomberg.  

Alberto Guerra, CEO, and Noel Fernando Cristal, President and Country Director of UniTeller Philippines, shared and discussed key report findings and the behaviors and attitudes of remittances receivers in Asia.  

Following the presentation, both Alberto and Noel were interviewed by two major television networks in Philippines, ABS-CBN News Channel and PTV News where they highlighted the significant role that remittance providers play in digitalising international money transfers and increasing financial inclusion for these remittance receivers.  

Over 40 stories were published across prominent local and regional publications, raising UniTeller’s profile and highlighting its thought leadership in the area of remittances and payments in Asia. 

Both Sides of the Story – The Receiver’s Story full report can be downloaded here 

News articles covering UniTeller’s inaugural report can be found below: 

PH 4th largest remittance destination 

US-based int’l payments provider eyes partnerships with PH telco, banks | The World Tonight 

Low-income adults in Asia receive more than 3.5x their income from overseas senders each month: UniTeller 

Remittances: lifeblood that extracts its pound of flesh 

But where’s the cash? 

Migrant Workers Send Three Times as Much Money as Their Spouses Earn Each Month 

Low-income households benefit enormously from remittances: study 

Low-income households benefit enormously from remittances: study 

Monthly Remittances Exceed Earnings of Low-Income Vietnamese Households by 10 Times 

Filipino households spend 7% of earnings on luxury items 

Relatively high’ portion of OFW remittances spent on luxury items — report 

OFW remittances hit all-time highs, but families still run out of cash 

Translated: Increasing dependence on remittances amongst Filipino remittance receivers

US-based int’l payments provider eyes partnerships with PH telco, banks 

‘Relatively high’ portion of OFW remittances spent on luxury items — report 

Reliance on remittances in India, Philippines growing: study 

Dependence on remittances growing, says study 

MTO: Going cashless can cut remittance cost to 3% 

Remittances exceed poor household earnings by 2.5 times 

OFW remittances higher than incomes of recipients – report 

Report: Remittances outpace local monthly incomes 

Monthly Remittances Exceed Earnings Of Low-Income Filipino Households By 2.5 Times 

Monthly remittances to India thrice the earnings of low-income households in the country: Report 

Bisnis Remitansi Alternatif Pundi-Pundi Pendapatan Bank 
Translated: The prospect of a remittance business to prop up the banking industry’s non-interest income looks bright.

Reliance on remittances in India, Philippines growing: study 

Survey: Receivers of overseas remittance in PH prefer ‘semi-digital’ method 

Reliance on OFW remittances grows 

Bridging social gaps

CEO, Alberto Guerra shares his views with The Business Times Singapore on how the digitalization of the cross-border payments industry has led to increased financial inclusion and access for low-income communities in the world.   

“The digitalization of the cross-border payments industry has enabled major breakthroughs in the convenience and reach of financial services. As business leaders, we should conduct business with sustainable development as a priority even as the industry continues to evolve. With a significant population of the developing world that is still largely ”unbanked”, the responsibility is on us to champion innovative solutions that improve financial inclusion and access. By ensuring that consumers can fully harness the benefits of these technologies, we can then help to bridge inequality and build a better economic future for many of the world’s communities. 

You can find his commentary here

Money transfers, remittances made digital

CEO, Alberto Guerra shares his views with Philippine Daily Inquirer on why the continuous digitalization and innovation of remittances is key to driving more sustainable developments globally.  

By ensuring that consumers can fully leverage the services provided by money transfer companies, and improving financial education around the technologies available in this growing industry, those in the forefront of digitalizing remittances can help to bridge worlds and build a better and brighter economic future for all. 

You can read his full article here 

Influence: Alberto Guerra, CEO, UniTeller Financial Services

CEO, Alberto Guerra had an opportunity to speak with Money 89.3 FM (Singapore’s personal finance and business radio station) on why Asia is an important remittance services market for UniTeller.  

You can listen to his full interview here