Philippines: Remittances continue to grow in December
February 15, 2017
In December, cash remittances from Overseas Filipino Workers (OFW) grew 3.6% from the same month of the previous year to a multi-year record of USD 2.6 billion. The reading represented a deceleration from the previous month’s 18.5% increase.
The overall trend improved as cash remittances totaled USD 26.9 billion in the 12 months up to December, higher than November’s USD 26.8 billion. The reading represented a 5.0% expansion over the same period of the previous year, slightly down from the previous month’s 5.2% rise, and was the highest reading on record. 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 December came mainly from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the UK, Japan and Qatar.