Philippines: Remittances grow for third month running in November, albeit marginally
Remittances totaled USD 2.4 billion in November, representing a 0.3% year-on-year increase, following October’s 2.9% year-on-year expansion, and growing for the third successive month, albeit only marginally. On a cumulative basis up to November, remittances summed USD 29.9 billion, matching October’s reading. November’s 12-month rolling total signaled a 0.6% drop from a year earlier (October: -0.4% year-on-year).
Remittances, which accounted for roughly 9% of GDP in 2019, are an important source of income for many Filipino families and a key driver of private consumption.