Philippines Remittances July 2016


Remittances contract in July

In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion. The reading contrasted the previous month’s 4.8% increase and marked the steepest fall in eight months.

The overall trend deteriorated slightly, as cash remittances totaled USD 26.1 billion in the 12 months up to July, which was a tad down from June’s USD 26.2 billion. The reading represented a 1.4% expansion over the same period of the previous year, down from the previous month’s 2.4% rise. Remittances, which accounted 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 July 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%.

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Philippines Remittances Chart

Philippines Remittances July 2016

Note: Monthly OFW remittances in USD billion and annual variation in %.
Source: Central Bank of the Philippines (BSP).

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