In January, remittances from Overseas Filipino Workers (OFW) increased a solid 7.0% over the same month last year, reaching USD 1.8 billion. The print was below December's 9.1% expansion, which amounted to a record-high of USD 2.2 billion. Nevertheless, the upward trend remains in place as remittances totaled USD 22.9 billion in the 12 months up to January (December: USD 22.8 billion). The increase represented a 6.3% expansion over the same period last year (December: +6.4% year-on-year). Remittances, which account for approximately 9.0% of GDP, are an important source of income for many Filipino families and thus a key driver of private consumption. The record high remittances recorded in previous months were driven by a response to the typhoon that struck in November as well as by the holiday season. However, the Central Bank explained that, “the level of remittances typically drops after the year-end holiday season.” FocusEconomics Consensus Forecast panelists expect private consumption to grow 5.4% in 2014, which is unchanged from the previous month's projection. For 2015, the panel also expects private consumption to expand 5.4%.
Remittances post solid growth, but retreat from record high
March 17, 2014
Author: Carl Kelly, Economist
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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
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In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
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In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
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In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.