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The company offers customers the ability to send online, from a desktop, or from a mobile device. [ 8 ] In the first quarter of 2016, Transfast was listed by World Bank at the top of the World Remittance Prices database for providing the lowest-cost remittances to the Philippines, Nigeria, Egypt and Ghana.
Remittances are an important aspect of the global economy, totaling an estimated $601 billion (USD) for the year 2015. [1] The United States is currently the largest source of international remittances in the world, sending a total of $148 billion in 2017. [ 2 ]
The balikbayan box is a modern manifestation of the Philippine custom of pasalubong, where domestic or foreign travelers are expected to bring gifts for family, friends and colleagues. [citation needed] Balikbayan boxes provide connection between family in the Philippines and those abroad, and provide goods for the family in the Philippines. [7]
The Philippine peso has since traded versus the U.S. dollar in a range of ₱24–46 from 1993 to 1999, ₱40–56 from 2000 to 2009, and ₱40–54 from 2010 to 2019. The previous 1903–1934 definition of a peso as 12.9 grains of 0.9 gold (or 0.0241875 XAU) is now worth ₱2,266.03 based on gold prices as of November 2021. [18]
As with Mexican dollars, the Philippine unit was based on silver, unlike the United States and Canada where a gold standard operated. Thus, following the great silver devaluation of 1873, the Philippine peso devalued in parallel with the Mexican unit, and by the end of the 19th century, was worth half a United States dollar.
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