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.
Author: Lindsey Ice, Economist