BDO Unibank, in partnership with Xoom, is spotlighting savings and investment opportunities for overseas Filipino workers (OFWs) at the Kabuhayan Expo 2026, aiming to transform remittances into long-term financial security.
The partnership, showcased during the OFW Kabuhayan Expo 2026 in celebration of Migrant Workers’ Day, is designed to provide OFWs with more than just a channel for sending money home—it seeks to empower them with tools to maximize their remittances through savings, investments, and entrepreneurship.
BDO senior vice president Genie Gloria emphasized that the bank’s mission is not only to support families’ immediate needs but also to help OFWs build lasting opportunities for their future.
By integrating Xoom’s global digital remittance platform with BDO’s banking services, the partnership ensures that funds sent from abroad are received quickly, securely, and with options for direct deposit into savings or investment accounts.
This integration represents a shift from remittances being viewed solely as consumption support to being recognized as a foundation for long-term financial growth.
Thanks to the collaboration with Xoom, a Pay-pal owned digital remittance service, BDO leverages international reach with own extensive local infrastructure.
OFWs can send money directly to BDO accounts, enabling families to access funds instantly for daily expenses or to channel them into investment products such as time deposits, mutual funds, or insurance-linked savings.
This integration reduces reliance on cash pickups, which often involve higher fees and longer processing times. By promoting digital transfers, BDO and Xoom are helping OFWs save on costs while ensuring that remittances contribute to long-term financial planning.
The convenience of direct-to-account transfers also minimizes risks associated with carrying cash, while offering families greater flexibility in managing funds.
OFW Remittances as Pillar of PH Inflows
According to the Bangko Sentral ng Pilipinas (BSP), cash remittances from OFWs reached US$2.7 billion in April 2026, bringing the cumulative total for the first four months of the year to US$11.4 billion, a 2.6 percent increase from the same period in 2025.
Personal remittances, which include cash and in-kind transfers, totaled US$13.3 billion during the same period.
January 2026 alone saw remittances rise to US$3.02 billion, underscoring the steady growth of OFW contributions despite global uncertainties.
These inflows continue to support household consumption, education, healthcare, and investments, while serving as a vital pillar of the Philippine economy. Remittances account for nearly 9 percent of the country’s GDP, making them a critical driver of economic resilience.
The Remittance Pain Point for OFWs
Despite the resilience of remittance flows, OFWs continue to face several challenges.
High transaction fees remain a burden, with traditional bank transfers costing between US$15–30 per transaction, compared to lower-cost digital platforms. Exchange rate margins also erode the value of remittances, leaving families with less purchasing power.
Beyond financial costs, OFWs often struggle with limited control over how remittances are spent.
Many report family conflicts arising from remittances being used for nonessential expenses rather than savings or investments. This lack of financial discipline can undermine the long-term benefits of remittances.
Structural barriers also persist. Upfront migration costs, including placement fees and travel expenses, often leave OFWs indebted before they even begin earning abroad.
Unequal access to remittance services means that poorer households benefit less from remittance inflows, perpetuating inequality. Moreover, remittance channels in some host countries remain limited, forcing OFWs to rely on informal networks that expose them to fraud and higher costs.
OFWs Want to Save, But How?
While remittances remain a lifeline for millions of Filipino households, one of the most persistent challenges for OFWs is the lack of financial literacy and structured fund allocation.
Many OFWs send money home with the hope that it will be used wisely, but in practice, remittances are often directed toward immediate consumption rather than savings or investments.
Studies have shown that a significant portion of remittances goes to daily household expenses, education, and healthcare, but relatively little is set aside for long-term financial growth. This imbalance leaves families vulnerable when income streams fluctuate or when OFWs eventually return home without sufficient savings.
The absence of financial planning tools and guidance exacerbates the problem.
OFWs frequently report frustration over the lack of control in how remittances are spent, with some families prioritizing nonessential purchases over more sustainable uses. This dynamic can lead to family conflicts and undermine the intended purpose of remittances.
Moreover, many OFWs themselves lack access to structured financial education programs while abroad, limiting their ability to make informed decisions about savings, investments, and entrepreneurship.
Addressing OFWs’ Challenges
By combining BDO’s financial products with Xoom’s digital remittance capabilities, the partnership directly addresses many of the pain points OFWs face.
Lower transaction costs, faster transfers, and direct-to-account deposits ensure that more of each dollar remitted reaches families in the Philippines.
Equally important, the partnership promotes financial literacy by encouraging OFWs and their families to allocate remittances toward savings and investments. This shift in mindset—from remittances as mere consumption support to remittances as capital for long-term growth—has the potential to transform the financial landscape for millions of Filipino households.
The Bangko Sentral ng Pilipinas (BSP) also recognizes that while remittances are a lifeline for millions of Filipino households, their impact is often limited by poor fund allocation and lack of financial planning.
To address this, BSP has partnered with government agencies and private institutions to embed financial literacy into the OFW journey.
One of the flagship initiatives is the PiTaKa Campaign (Pinansiyal na Talino at Kaalaman), developed in collaboration with the Overseas Workers Welfare Administration (OWWA). This program equips OFWs and their families with practical skills to prioritize savings, manage household budgets, and channel remittances toward productive uses such as investments or small businesses.
PiTaKa modules and learning videos are integrated into Pre-Departure Orientation Seminars (PDOS) required for departing OFWs, ensuring that financial literacy is introduced before workers even leave the country.
The same modules are also delivered in Post-Arrival Orientation Seminars conducted in Philippine Overseas Labor Offices abroad, reinforcing financial education once OFWs are settled in their host countries.
OWWA regional offices in the Philippines likewise conduct seminars for OFW families, ensuring that both senders and recipients of remittances are aligned in financial planning.
Beyond PiTaKa, BSP has embedded financial literacy into its National Strategy for Financial Inclusion (NSFI). This framework promotes convergence between public and private sector efforts to build financial capability, consumer protection, and sustainable economic growth.
Under NSFI, BSP’s Economic and Financial Learning Office (EFLO) develops modules, collaterals, and training programs to raise awareness about savings, debt management, and investment opportunities.
These programs directly address one of the most pressing pain points for OFWs: the lack of financial literacy and structured fund allocation. By equipping OFWs and their families with the knowledge to save and invest, BSP aims to transform remittances from short-term consumption support into long-term capital for growth.
With over US$11.4 billion in remittances recorded in the first four months of 2026, the potential impact of improved financial literacy is enormous.
DOPAY Wallet for your Remittance Needs
Beyond traditional banks and remittance partners, DOPAY offers OFWs an innovative platform for sending money home.
Through the DOPAY app, users can remit funds via peer-to-peer e-wallet transfers or through crypto wallets for cross-border transactions, both with minimal fees compared to conventional channels. With DOPAY’s dual offering—domestic convenience and international reach—OFWs are empowered to maximize the impact of their remittances.
This flexibility allows OFWs to choose the most cost-effective and efficient method, ensuring that more of their hard-earned money reaches their families.
DOPAY’s model also addresses the issue of financial inclusion. By offering low-cost digital transfers, it ensures that even households in rural areas can access remittances without incurring high fees or long travel times.
Aligned with BSP’s broader goal of promoting inclusive finance across the country, DOPAY as a BSP-licensed financial service provider, aims to help OFWs send money home securely and with low fees.
Download the DOPAY app today!
