The ocean and the beach in the Philippines

Philippines Remittances March 2019

Philippines: Growth in remittances picks up in March

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.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest