Philippines: Remittances grow at the fastest pace in over eight years in November
January 16, 2017
In November, cash remittances from Overseas Filipino Workers (OFW) grew 18.5% from the same month of last year to USD 2.2 billion. The reading contrasted the previous month’s 3.0% decrease and marked the highest reading in over eight years.
The overall trend improved, as cash remittances totaled USD 26.8 billion in the 12 months up to November, up from October’s USD 26.5 billion. The reading represented a 5.2% expansion over the same period of the previous year, significantly up from the previous month’s 3.3% rise, and was the highest result since September 2015. Remittances, which accounted for approximately 9.8% of GDP in 2015, are an important source of income for many Filipino families and thus one of the main drivers of private consumption. Remittances in November came mainly from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the UK, Japan and Qatar.