Philippines: Remittance growth slows in November
In November, cash remittances from Overseas Filipino Workers (OFW) reached USD 2.3 billion, a 2.0% increase from the same month last year. The reading came in below October’s seven-month high 8.4% annual increase.
The overall trend strengthened slightly, as cash remittances in the 12 months up to November totaled USD 27.9 billion, slightly up from USD 27.8 billion in the 12 months up to October. November’s 12-month total was 4.0% higher than the corresponding period last year, down from October’s 5.2% year-on-year increase. Remittances, which accounted for approximately 9.8% of GDP in 2016, are an important source of income for many Filipino families and thus one of the main drivers of private consumption. The expansion registered in October was mainly due to higher remittances from the U.S. and Germany.