Felipe M Medalla: South Luzon in focus - why the regional matters in the national Speech by Mr Felipe M Medalla, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the 4th Regional Macroeconomic Conference Series, South Luzon, 9 January 2023.
Remittances are mainly spent to cover basic living expenses to raise the standard of living of the recipients above the poverty line and are not part of total savings nor invested in the development of the country. 4. There is no strategy planned with regard to the use of such remittances nor are those funds included in investment projects. 5.