Philippines Remittances November 2019


Philippines: OFW cash remittance growth eases in November

January 15, 2020

Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.4 billion in November, increasing 2.0% in annual terms. This was down from October’s 8.0% rise (USD 2.7 billion) and represented a five-month low. Sustained remittance inflows were supported by transfers from the U.S.—which constitute over a third of all remittances—Saudi Arabia, Singapore, Japan and the United Arab Emirates.

On a cumulative basis, cash transfers in the 12 months up to November rose to USD 30.1 billion from October’s USD 30.0 billion 12-month sum.

Remittances, which accounted for close to 9% of GDP in 2018, are an important source of income for many Filipino families.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 5.8% in 2020, which is unchanged, and 5.9% in 2021.


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Philippines Remittances Chart

Philippines Remittances November 2019

Note: Monthly OFW remittances in USD billion and annual variation in %.
Source: Central Bank of the Philippines (BSP).

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