Philippines Remittances August 2018

Philippines

Philippines: Cash remittances weaken slightly in August

October 15, 2018

Cash remittances from Overseas Filipino Workers (OFW) rose USD 2.5 million in August, a 0.9% decrease from the same month of last year. The result was also down from July’s solid 5.2% increase. August’s weaker result was due to lower remittances from the United Arab Emirates, Saudi Arabia and Qatar.

Meanwhile, cash remittances in the 12 months up to August totaled USD 28.5 billion, which was steady from July’s 12-month total, but was 2.4% higher than in the corresponding period of last year.

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 5.6% in 2019, which is down 0.2 percentage points from last month’s forecast, and 5.6% again in 2020.


Author:, Economist

Sample Report

Looking for forecasts related to Remittances in Philippines? Download a sample report now.

Download

Philippines Remittances Chart


Philippines Remittances August 2018

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


Philippines Economic News

More news

Search form