In May, cash remittances from Overseas Filipino Workers (OFW) rose 1.9% over the same month last year and reached USD 2.2 million. The reading was down from April’s 4.1% growth. The overall trend improved slightly, as cash remittances totaled USD 26.1 billion in the 12 months up to May, which was a tad up from April’s USD 26.0 billion. The reading represented a 2.2% expansion over the same period of the previous year, which was down from April’s 2.8% rise. Remittances, which account for approximately 9.8% of GDP in 2015, are an important source of income for many Filipino families and thus a main driver of private consumption. Remittances in May? came mainly from the United States, Saudi Arabia, the United Arab Emirates and Singapore.FocusEconomics Consensus Forecast panelists expect private consumption to grow 6.4% in 2016, which is up 0.2 percentage points from last month’s projection. For 2017, the panel expects private consumption to expand 5.9%.
Philippines Remittances May 2016
Pace of remittances growth soften in May
July 15, 2016
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Philippines Remittances Chart
Note: Monthly OFW remittances in USD billion and annual variation in %.
Source: Central Bank of the Philippines (BSP).
Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.