Bitcoin Breaks Records in Philippine Peso Terms
Bitcoin has reached a new all-time high when priced in Philippine Pesos, surpassing the ₱3.5 million mark for the first time in history. The milestone comes as overseas Filipino workers (OFWs) increasingly adopt cryptocurrency as their preferred remittance channel.
Data from local exchanges shows that OFW-related transactions now account for nearly 35% of all crypto volume in the Philippines, up from just 8% two years ago.
The Remittance Revolution
Traditional remittance services charge fees of 5-8% for international transfers. Crypto-based alternatives, particularly those using stablecoins like USDC and USDT, can reduce these costs to under 1%, saving Filipino families billions of pesos annually.
For my family back in Cebu, the difference between 7% and 0.5% in fees means my kids can go to better schools. — OFW worker in Dubai
