In May, remittances from Overseas Filipino Workers (OFW) rose 6.9% over the same month last year to total USD 1.69 billion. The expansion represented an improvement compared to the 6.3% growth tallied in April. According to the Central Bank, some 73% of remittances were sent from the United States, Europe and the Middle East. In the three months to May, remittances amounted to USD 4.9 billion, which was 5.8% higher compared to the same period last year, when remittances totalled USD 4.7 billion. Remittances account for approximately 9% of GDP and are an important source of income for many Filipino families. Given its weight in the economy, the OFW funds sent from abroad are a key driver of private consumption. Moreover, the steady flow of remittances supports the local currency.
Remittances accelerate in May
July 15, 2011
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Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.