In July, remittances from Overseas Filipino Workers (OFW) rose 6.1% over the same month last year to USD 1.72 billion, falling below the 7.0% growth recorded in June. On a monthly basis, remittances fell 1.3% (June: +2.9% month-on-month). According to the Central Bank, ?the steady inflow of fund transfers from overseas Filipinos despite the difficult conditions overseas could be explained partly by the sustained demand for Filipino manpower.? 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 a key driver of private consumption. Moreover, the steady flow of remittances supports the local currency.
Remittances grow at a solid pace despite global slowdown
September 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.