Philippines: Remittances accelerate in August
October 17, 2011
In August, remittances from Overseas Filipino Workers (OFW) rose 11.1% over the same month last year to USD 1.67 billion, rising above the 6.1% growth recorded in July. On a monthly basis, however, remittances fell 2.6% (July: -1.3% month-on-month). According to the Central Bank, ?notwithstanding lingering global economic uncertainties, the cumulative stream of remittances from overseas Filipinos continued to be solid and resilient, supported by the sustained demand for Filipino skills abroad.? 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.