Philippines: Remittances accelerate in November
January 16, 2012
In November, remittances from Overseas Filipino Workers (OFW) rose 10.6% over the same month last year to USD 1.78 billion, which was above the 6.2% growth recorded in October. On a monthly basis, remittances grew 0.3%, which was below October's 2.4% increase. According to the Central Bank, ?sustained overseas demand for Filipino manpower helped support the flows of remittances during the period, even as the U.S. and many economies in the Eurozone continued to face difficult economic conditions.? Remittances account for approximately 9% of GDP and are an important source of income for many Filipino families. Given its significance to the economy, OFW funds sent from abroad are one of the key drivers of private consumption in the country.