In September, remittances from Overseas Filipino Workers (OFW) rose 8.4% over the same month last year to USD 1.74 billion, falling below the 11.1% growth recorded in August. On a monthly basis, remittances rose 3.9%, which contrasted the 2.6% contraction in August. In the third quarter, remittances amounted to USD 5.1 billion, which was 8.5% higher than the level recorded in the same period of the previous year. According to the Central Bank, ?remittances continued to be an important contributor in solidifying the country's economic fundamentals amidst lingering global economic uncertainties, driven by prospects of sustained demand for Filipino workers abroad.? Remittances account for approximately 9% of GDP and are an important source of income for many Filipino families. Given its significance to the economy, OFW funds sent from abroad are one of the key drivers of private consumption.
Remittances moderate in September
November 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.