Remittances company Tempo France and Spain-based Elsa Care Technologies have rolled out money transfers to the Philippines. The companies came together to allow clients to send money through the Elsa.

care’s app to the recipients’ bank accounts in the Pilippines. The integrator of the technical platforms of the companies is payment processor Cyprus-based Armenotech, acting as Tempo’s strategic partner in technological projects. The application of these solutions in the project between Tempo and Elsa.

care has reportedly brought remittances at a lower cost. Tempo France CEO Alla Zhedik has stated that The Philippines is a special segment of the remittances market in Southeast Asia and the Pacific. The CEO cited internal calculations according to which volumes exceed USD 30 billion to date.

Zhedik indicated, according to the official company press release, that this segment will grow at a rate of 7 to 10 percent annually, due to an increase in the number of migrants from the country in the EU. The CBO for Armenotech, Daniel Gazaryan said that the technical advantages of solutions based on the Stellar platform can be realized in other projects in the Philippines: ‘With our strategic partner Tempo France, we are considering the possibility of introducing the most modern B2B payment solutions in this country and the region in general,’ announced Gazaryan. Remittances in the Philippines According to information published by the Philippines government, money sent home by overseas Filipino workers (OFWs) rose by 3.

8% year-on-year in September 2022 to USD 2. 84 billion, with the Bangko Sentral ng Pilipinas (BSP) citing robust growth both from land-based and sea-based workers. In the first three quarters of this year, total cash remittances grew by 3.

1% to USD 23. 83 billion compared to the same period in 2021, according to data released by the central bank in November 2022. Inflows from land-based workers jumped by 4.

2%  to USD 2. 25 billion in the ninth month this year while those from sea-based workers grew by 2. 5%  to USD59 million.

The BSP said bulk of the remittances in the first three quarters of this year came from the US, Saudi Arabia, Singapore, and Qatar. .