Philippines Remittances


Philippines: Growth in remittances accelerates further in September

November 17, 2014

In September, remittances from Overseas Filipino Workers (OFW) increased 8.1% over the same month last year, reaching USD 2.3 billion. The print came in above August’s 7.2% expansion and marked the highest pace of growth since December 2013. The overall trend also improved slightly as remittances totaled a record-high USD 24.4 billion in the 12 months up to September, which was up from August’s USD 24.0 billion. The increase represented a 9.4% expansion over the same period last year and exceeded the previous month’s 8.1% rise.

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. According to the Central Bank, “[t]he increase in personal remittances in the first nine months of the year was driven largely by the steady increase in transfers from land-based workers with work contracts of one year or more (5.4 percent), and sea-based workers with work contracts of less than one year (8.2 percent)”.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 5.5% in 2014, which is unchanged from last month’s projection. For 2015, the panel expects private consumption to expand 5.6%, which is also unchanged from last month’s estimate.

Author: Teresa Kersting, Economist

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Philippines Remittances Chart

Philippines Remittances September 2014

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

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