Philippines: Cash remittances surge to one-year high in October
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.7 billion in October, increasing 8.0% on an annual basis, which was up from the 6.3% expansion in September (USD 2.4 billion) and marked the highest reading since the same month of the prior year. Robust remittance inflows were likely in part linked to increased OFW transfers ahead of the holiday season and were driven by sustained inflows from the U.S.—which constitute over a third of all remittances—Saudi Arabia, Singapore, Japan and the UAE.
On a cumulative basis, cash transfers in the 12 months up to October rose to USD 30.0 billion from the USD 29.8 billion sum in the 12 months up to September.
Remittances, which accounted for close to 9% of GDP in 2018, are an important source of income for many Filipino families.