Philippines: Growth in remittances decelerates in February
April 17, 2017
In February, cash remittances from Overseas Filipino Workers (OFW) grew 3.4% from the same month of the previous year to USD 2.2 billion. The reading represented a deceleration from the previous month’s 8.6% increase.
The overall trend remained stable as cash remittances totaled a multi-year high of USD 27.1 billion in the 12 months to February, matching January’s reading. The result was 5.0% higher than the same period of the previous year, but slightly down from the previous month’s 5.4% rise, marking the slowest expansion in four months. Remittances, which accounted for approximately 9.8% of GDP in 2016, are an important source of income for many Filipino families and thus one of the main drivers of private consumption. Growth in remittances in February came mainly from the United States, United Arab Emirates, Qatar, Singapore, Taiwan and Japan.