Money sent home from abroad hit a record. Here's why it matters for the whole country.

Originally reported as: “Overseas remittances climb to record high, supporting household spending”

A new report showed that remittances, the money sent home by people working abroad, reached a record level. For millions of families, these transfers help cover daily needs like food, school fees, rent, and healthcare. Beyond individual households, remittances are a major source of foreign currency for the whole country and a steady pillar of the economy. The amount families actually receive also depends on the exchange rate, since the money is usually sent in dollars and spent in pesos.