Philippines: Growth in remittances jumps in March
May 15, 2017
In March, cash remittances from Overseas Filipino Workers (OFW) grew 10.7% from the same month of the previous year to USD 2.6 billion. The reading represented a notable acceleration from the previous month’s 3.4% increase.
The overall trend also improved as cash remittances totaled a multi-year high of USD 27.4 billion in the 12 months to March, up from February’s USD 27.1 billion. The result was 6.2% higher than the same period of the previous year, and above the previous month’s 5.0% rise, marking the fastest expansion since August 2015. 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 March came mainly from the United States, Canada, the United Arab Emirates, Japan and Hong Kong.