Philippines: Remittances continue to slow in October
December 15, 2011
In October, remittances from Overseas Filipino Workers (OFW) rose 6.2% over the same month last year to USD 1.78 billion, falling below the 8.4% growth recorded in September. On a monthly basis, remittances grew 2.4%, which was below September's 3.9% increase. According to the Central Bank, ?despite the challenges posed by global economic and financial headwinds, the continued strong demand for Filipino workers abroad, particularly skilled manpower, provided support to the stream of remittance flows.? 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.