Remittances sustain growth in November, but expect Omicron impactThe growth was markedly faster than the 2.4% recorded in the previous month. MANILA, Philippines — Money sent home by overseas Filipinos continued to grow a month before the holiday season, but growth is expected to weaken amid a worldwide Omicron variant onslaught. In the first 11 months of the year, cash remittances grew 5.2% year-on-year to $28.43 billion, faster compared with the same period in 2020. It also seems likely that the Philippines is headed to a significant rebound in year-on-year remittance growth for 2021," Opiniano said. For Jun Neri, lead economist for Bank of the Philippine Islands, remittances could be dampened by the Omicron surge once January figures come in.

Source: Philippine Star January 14, 2022 07:02 UTC