MANILA—Remittances from Filipinos in Canada may be poised for a rebound in 2017 after a six-year slide.
Data from the Bangko Sentral ng Pilipinas’ comparative January-June remittance data show that remittances from Canada rose by some 18.1 percent to US$350.359 million.
That six-month total is higher compared to the US$296.588 million total over the same period in 2016.
After money flows from Canada reached a record high of US$2.017 billion in 2011, remittance flows from Filipinos there nosedived the succeeding six years. In 2016, the total remittances reached only US$572.82 million which was the lowest annual total since 2008.
The Canadian dollar, over the past 18 months, went up and down from the P34 to P38 range. But even as the exchange rate depreciated, which could mean more dollars being sent by Filipinos to families back home, monthly remittance flows were on a roller-coaster ride [see Figure 1].