Overpayments serve a major purpose in the lives of millions of people around the world. It is not just a transfer of money, but a way to transfer care, trust and camaraderie to loved ones. The overseas Filipino community has been one of the major drivers of the global payment economy for the past few decades, sending billions of dollars home every year to meet the financial needs of their loved ones. It was therefore natural that when the pandemic struck and the fear of job losses increased, the World Bank’s forecast of a significant drop in the inflow of money to the Philippines was cause for concern. But in all likelihood, the Philippine expat community remained strong and resilient, maintaining its position as the world’s fourth highest overpayment destination and receiving US $ 34.9 billion by 2020, equivalent to 9.6 percent of the country’s GDP. at a decrease of just 0.7 percent compared to the previous year. The number of overseas Filipino workers (OFWs) in the UAE is large and their contribution to these figures can in no way be discounted. Over the years, the community has been a strong backbone in the growth of the UAE and he has participated in all aspects of nation building. Even during the height of the pandemic, OFWs contributed to areas of health care, infrastructure, communications and logistics, among others, as equal stakeholders, while taking care of their families at home.
The community continues to shape the economies of both their host and home countries, and as a responsible financial service provider, we appreciate the efforts and contributions of the Philippines in the UAE. To support their efforts, LuLu Exchange has launched several consumer-friendly services and products over the past year, specifically aimed at enhancing the value we offer to our Filipino consumers. We have equipped our teams to deliver a reliable, seamless and accessible financial journey for our Filipino consumers on physical and digital mediums, from expanding our network to easier on-board processes. Furthermore, by re-utilizing our 83-branch network as centers of consumer engagement, and continually improving our digital processes, we are still alert to the need to strengthen our network through global partnerships that can reduce the cost of overpayment and can make affordable payments. Several of our digital innovations, including the impending launch of the e-wallet facility for Filipino users on LuLu Money, will enable faster and more affordable peer-to-peer payments, overpayments and cross-border payment solutions. To celebrate the Independence Day of the Philippines 2021, we at LuLu Exchange convey our heartfelt wishes to all our Filipino brothers and sisters and confirm that the organization is committed to making your lives easier.