Overseas remittances contributed US$31.29 billion to the Philippine economy last year, according to data released by the Bangko Sentral ng Pilipinas (BSP) in February 2018. Even with the recent foreign policy ban on workers to Kuwait, this seems unlikely to hamper the volume of remittances back home. Remittances are defined by the financial education website Investopedia as the funds sent by an expatriate to his/her country of origin via wire, mail or online transfer.

Philippine central bank Governor Nestor Espenilla said contained inflation means there isn’t a need to increase interest rates in the near term."Right now, there is no need to move policy rates looking at the inflation outlook," Espenilla said in Washington where he was attending the annual International Monetary Fund meetings.