Philippines Remittances July 2018

Philippines

Philippines: Cash remittances increase in July

September 17, 2018

In July, cash remittances from Overseas Filipino Workers (OFW) reached USD 2.4 billion, a 5.2% increase from the same month of the previous year. The reading contrasted June’s 4.5% decline, and was driven by greater remittances from the U.S, the UK, Canada and Germany. As a result, year-to-date remittances totaled USD 16.6 billion, up 3.0% from the corresponding period last year. However, the trade deficit has widened by substantially more as the government’s infrastructure push sucks in imports, putting downward pressure on the currency.

Remittances, which accounted for approximately 10.0% of GDP in 2017, are an important source of income for many Filipino families and thus constitute one of the main drivers of private consumption.

Philippines Private Consumption Forecast


FocusEconomics Consensus Forecast panelists expect private consumption to grow 5.8% in 2018 and 2019.


Author:, Economist

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Philippines Remittances Chart


Philippines Remittances July 2018

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


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