In December, remittances from Overseas Filipino Workers (OFW) increased 6.2% over the same month the previous year to USD 1.80 billion, which was below the 10.6% growth recorded in November. On a monthly basis, remittances grew 0.9%, which tripled November's 0.3% increase. Overall, remittances totalled USD 20.1 billion in 2011, up from the USD 18.8 billion recorded in 2010. According to the Central Bank, ?remittances remained resilient throughout the year amid the political turmoil in some parts of the Middle East and North Africa, the slowdown in global economic growth and intensified financial strains brought about by the Euro Area sovereign debt crisis?. 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 in the country.
Remittances slow in December
February 15, 2012
Looking for forecasts related to Remittances in Philippines? Download a sample report now.
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.