The ocean and the beach in the Philippines

Philippines Remittances January 2020

Philippines: Cash remittance growth accelerates sharply in January

Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.6 billion in January, which was down from December’s historic record of USD 2.9 billion. That said, remittances grew 6.6% year-on-year in January, accelerating from 1.9% in December. Although remittances are usually more subdued at the outset of the year, the outbreak of coronavirus in Asia likely spurred stronger cash transfers from abroad this January. The surge in remittance inflows was largely driven by greater transfers from the Unites States—which constitute over a third of all remittances—followed by Japan, Singapore and Saudi Arabia.

On a cumulative basis, cash transfers in the 12 months up to January rose to USD 30.3 billion from the USD 30.1 billion 12-month sum in December.

Remittances, which accounted for close to 9% of GDP in 2019, are an important source of income for many Filipino families. However, economic slowdowns hitting the U.S. and many Asian countries such as Japan could encumber remittances in the quarters ahead.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest