Philippines Remittances March 2019

Philippines

Philippines: Growth in remittances picks up in March

May 16, 2019

Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.5 billion in March, which was a 6.6% increase from the same month a year prior. The print marked an acceleration from February’s 1.5% growth.

On a cumulative basis, cash transfers in the 12 months up to March totaled USD 29.2 billion, a notch up from February’s USD 29.1 billion.

Cash remittances in March continued to be supported by strong inflows from the U.S.—the origin of over a third of all remittances—Singapore, and the UK. Steady remittances from overseas Filipinos will continue to support private consumption this year. Remittances, which accounted for close to 9% of GDP in 2018, are an important source of income for many Filipino families.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 5.5% in 2019, which is down 0.1 percentage points from last month’s forecast, and 5.6% 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 March 2019

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