The amount of Filipino expats sending money home has increased by 7.2% in 2012, a figure which was well beyond government expectation. 

Filipinos who are currently living abroad sent home $20.1 billion dollars over the last 12 months, up 7.2% on the 2010 figures. 

According to figures from the Central Bank of the Philippines, the total money transferred was around 9% of the country’s 2011 GDP. 

Juan de Zuniga Jr, from the bank, claims that the diversity of destinations and skills combined with a large network of money transfer facilities within the Philippines has made the process smoother. 

Despite political turmoil in parts of the Middle East and North Africa, as well as the fragile global economy and the impact of the Euro-zone debt crisis, Filipinos are sending more money home than ever before. 

Almost 10% of the 94 million Filipinos working abroad are currently sending home money. 

The U.S, Canada, Saudi Arabia and the UK are some of the hotspots which Filipinos are transferring money from. 

The Philippines is not only attracting money from expats, but from foreign investors as well. The country is quickly gaining notoriety as one of the key areas for potential investment in Asia. 

Its stock market was the best performer in Asia last year and is up nearly 13% this year to a record high. 

Easing inflation means that the country also has the lowest rate in Southeast Asia, at 3.9% for January. This is subsequently providing the bank with enough room to cut rates further. 

Economic growth is also growing, despite challenges from surrounding nations. 

Transfer Money to the Philippines

If you are thinking about investing in the Philippines, it is definitely a good idea to consider the logistics of transferring money abroad. Foreign currency exchange rates quoted by banks are usually worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to the Philippines (which is inevitable if you are looking to make a property investment) be sure to compare the market before you buy your overseas currency.