Philippines: Cash remittances increase at solid pace in October
Cash remittances from Overseas Filipino Workers (OFW) increased USD 2.5 billion in October, rising 8.7% over the same month of the prior year and accelerating from the 2.3% increase seen in September. October’s stellar growth came on the back of higher remittances from the United States, Canada and Taiwan.
Cash remittances in the 12 months up to October totaled USD 28.8 billion, edging up from September’s 12-month total of USD 28.6 billion.
Remittances, which accounted for approximately 10.0% of GDP in 2017, are an important source of income for many Filipino families and thus constitute one of the main drivers of private consumption.