Philippines: Remittances rebound in October
December 18, 2017
In October, cash remittances from Overseas Filipino Workers (OFW) reached USD 2.3 billion, an 8.4% increase from the same month last year. The reading strongly contrasted September’s 8.3% drop and marked the highest year-on-year expansion in seven months.
The overall trend also strengthened, as cash remittances in the 12 months up to October totaled USD 27.8 billion, slightly up from USD 27.7 billion in the 12 months up to September. October’s 12-month total was 5.2% higher than the corresponding period last year, also up from September’s 4.2% year-on-year increase. 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. The expansion registered in October was mainly due to higher remittances from the United Arab Emirates and the United States.