and Circle to Promote Financial Inclusion through Remittances in the Philippines

October 10, 2023

With a staggering $36.1 billion in remittance flows in 2022 alone according to the Bangko Sentral Ng Pilipinas (Central Bank of the Philippines), remittances continue to be a vital contributor to the Philippines' economy. In the Philippines, remittances are even more challenging for the unbanked, who comprised 44% of the adult population in 2021, according to the country’s central bank. By driving real-time settlements and minimal transaction costs, and Circle’s partnership aims to improve the existing remittance landscape, starting in the Philippines, the fourth largest recipient of remittances globally. The initiative begins with educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances. We are at the beginning of this partnership with Circle, and we anticipate further collaboration in our shared mission to foster a more inclusive financial future,” said Zhou.

The source of this news is from Circle