Remittances expected to drop next year, Visa survey finds

Overseas workers expect to cut down on their remittance over the next 12 months, with remittance recipients also expecting a drop-off, according to Visa, Inc., citing the results of a survey.

“All countries surveyed show a decline in expectations to send/receive remittances over the next 12 months,” Visa said.

Visa surveyed 44,000 remittance senders and receivers from 20 countries, including the Philippines.

Only 7% of Filipino respondents said they expect to send remittances over the next 12 months, while 44% expect to receive remittances.

In May, cash remittances coursed through Philippine banks rose 2.9% year on year to $2.658 billion.

This the lowest level of monthly remittances since May 2024.

Within the Asia-Pacific, China posted the steepest expected remittance decline, with those expecting to remit funds at 26%, down 25 percentage points, and those expecting to receive at 21%, down 15 percentage points.

The corresponding figures for Japan were send 3%, receive 4%; India send 18%, receive 28%; and Australia send 25%, receive 22%.

In the Philippines, 41% of respondents said they sent or received remittances due to unexpected needs, while 39% reported receiving regular remittances.

Digital apps remained the most popular method to send or receive remittances in the Asia-Pacific. In the Philippines, 74% of senders and 66% of receivers cited a preference for digital apps.

“In all markets surveyed, second to digital apps (were) digital remittances from a physical location,” Visa said.

Visa_2025-Digital-Remittances-Report_FINAL.pdf

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Source: Business World

37% of consumers see PH going cashless

One in three consumers, or 37 percent of the surveyed respondents, believes that the majority of Filipinos could be using cashless payment by 2030 as consumers become more comfortable in using mobile wallets and cards.

The Annual Visa Consumer Payment Attitudes Study reported on Thursday that cash payments in the country declined to 87 percent in 2023 from 96 percent in 2022.

On the other hand, the usage of mobile wallets and cards increased to 87 and 70 percent, respectively.

"In the past, there has been a big disparity between cash, mobile and cards but what we've seen now, mobile payment now is more or less synonymous to cash at 87 percent," Jeffrey Navarro, Visa country manager for the Philippines, said in a briefing in Makati City.

"Filipinos are becoming more comfortable with cashless payments, and we are confident that they will continue to embrace new innovations in the digital payment landscape," he added.

Navarro said these trends support the survey's result that 37 percent of Filipinos believe that the country will be using cashless modes of payment in six years or sooner.

"I think these are good indicators that really give us the confidence that directionally, it's going cashless," he added.

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Source: Manila Times and VISA

The Benefits of the Philippines' Special Resident Retiree’s Visa (SRRV)

The Special Resident Retiree’s Visa (SRRV) is a special non-immigrant visa granted to foreign nationals and overseas Filipinos who want to choose the Philippines as their second home for retirement or investment purposes.

The retiree who plans to apply for a Special Resident Retiree’s Visa (SRRV) can have the option to enroll in the program based on their retirement status, and the approval of their application will come from the Bureau of Immigration.

In addition, the Philippine Retirement Authority will make the application pre-evaluation where applications are filed; processing takes 7 to 10 working days upon receipt of the complete requirements of the retiree.

Benefits of the SSRV

The Benefits that SRRV given to future Foreign Nationals and Overseas Filipino Retirees are as follows:

• Indefinite stay with multiple entry/exit privileges

• Access to the Greet & Assist Program at selected Philippine airports

• Free subscription to the PRA Newsletter

• Discount privileges from PRA accredited Merchant Partners;

• Free assistance in transacting with other government agencies;

• Entitlement to PHILHEALTH benefits & privileges.

• Exemption from the Philippine Bureau of Immigration ACR-I Card (Annual Report), Customs duties & taxes for one-time importation of household goods & personal effects worth up to US$7,000.00 Tax from pensions & annuities, Travel Tax if the retiree has not stayed in the Philippines for more than 1 year from the last date of entry and Student Visa/Study Permit.

If you are nearing retirement or know someone planning to do so, considering living in the Philippines under this retirement programme may just be the right fit for you!

Source: Philippine Retirement Authority