In June, remittances from Overseas Filipino Workers (OFW) rose 7.0% over the same month last year to USD 1.74 billion. The pace of expansion was virtually unchanged from the 6.9% growth tallied in May. In the second quarter of the year, remittances amounted to USD 5.0 billion, which was 6.7% higher compared to the same period of the previous 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 significance in the economy, OFW funds sent from abroad are a key driver of private consumption. Moreover, the steady flow of remittances supports the local currency. According to the Central Bank, some 76% of remittances were sent from the United States, Europe and the Middle East. Given the deteriorating prospects for the U.S. and Eurozone economies, remittances are likely to grow less dynamically going forward.
Remittances maintain solid growth
August 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.