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Philippines Remittances November 2019

Philippines: OFW cash remittance growth eases in November

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 UAE.

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.

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