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.