Philippines: Remittances accelerate in January
March 15, 2017
In January, cash remittances from Overseas Filipino Workers (OFW) grew 8.6% from the same month of the previous year to USD 2.2 billion. The reading represented an acceleration from the previous month’s 3.6% increase.
The overall trend improved as cash remittances totaled a multi-year high of USD 27.1 billion in the 12 months up to January, above December’s USD 26.9 billion. The reading was 5.4% higher than the same period of the previous year, up from the previous month’s 5.0% rise and marking the fastest expansion since September 2015. 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. Remittances in January came mainly from the United States, Saudi Arabia, the United Arab Emirates, the UK, Japan, Singapore, and Qatar.