peso leads to increases in household remittances received from overseas. The estimated elasticity of Philippine …-peso remittances with respect to the Philippine/foreign exchange rate is 0.60. These positive income shocks lead to enhanced human …

As one of the world's largest recipients of remittances, the Philippines received remittances roughly 12% of its gross … domestic product in 2008. Remittances have become the single most important source of foreign exchange to the economy and a … role of remittances in increasing household consumption and investment and thereby their potential for rebalancing economic …