Philippines: Remittances slow in December
February 15, 2012
In December, remittances from Overseas Filipino Workers (OFW) increased 6.2% over the same month the previous year to USD 1.80 billion, which was below the 10.6% growth recorded in November. On a monthly basis, remittances grew 0.9%, which tripled November's 0.3% increase. Overall, remittances totalled USD 20.1 billion in 2011, up from the USD 18.8 billion recorded in 2010. According to the Central Bank, ?remittances remained resilient throughout the year amid the political turmoil in some parts of the Middle East and North Africa, the slowdown in global economic growth and intensified financial strains brought about by the Euro Area sovereign debt crisis?. 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.