A weaker currency has helped to cushion the negative effect on our resource sector. But, more importantly, it has helped to stimulate demand for other Canadian exports and import substitutes, particularly of manufactured goods. In turn, this is encouraging a shift in production from commodities towards other tradable goods.
Overseas Filipino Remittances have started to recover in recent months. We expect OF remittances to expand by 4 percent next year from a contraction of 2 percent this year. Year to date, OF remittances have contracted by 2.4 percent. The Philippine peso has been an outperformer this year, appreciating 4.7% against the USD, year-to-date, to its highest level since late-2016.