Philippines: Remittance growth accelerates in December
In December, cash remittances from Overseas Filipino Workers (OFW) reached an all-time high of USD 2.7 billion, a 7.1% increase from the same month of the previous year. The reading came in well above November’s soft 2.0% annual increase.
The overall trend strengthened, as cash remittances in the 12 months up to December totaled USD 28.1 billion, up from USD 27.9 billion in the 12 months up to November. December’s 12-month total was 4.3% higher than in the corresponding period last year, up from November’s 4.0% year-on-year increase.
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. The expansion registered in December was mainly due to higher remittances from the United States, the UAE and Singapore.