Philippines: Cash remittances weaken slightly in August
Cash remittances from Overseas Filipino Workers (OFW) rose USD 2.5 million in August, a 0.9% decrease from the same month of last year. The result was also down from July’s solid 5.2% increase. August’s weaker result was due to lower remittances from the UAE, Saudi Arabia and Qatar.
Meanwhile, cash remittances in the 12 months up to August totaled USD 28.5 billion, which was steady from July’s 12-month total, but was 2.4% higher than in the corresponding period of last year.
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.