Philippines: Remittances continue to slow in January
March 15, 2012
In January, remittances from Overseas Filipino Workers (OFW) increased 5.4% over the same month last year to USD 1.56 billion, which was below the 6.2% growth recorded in December. Moreover, the trend continues to point downwards, with remittances adding USD 20.2 billion in the last 12 months, which marked a 7.0% increase over the same period last year (December: +7.2% year-on-year). According to the Central Bank, ?sustained demand for professional and skilled Filipino workers underpinned the steady flow of remittances.? 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.