The ocean and the beach in the Philippines

Philippines Remittances August 2019

Philippines: Remittances inflows slow in August

Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.6 billion in August, increasing 4.6% in annual terms, which was down from the 7.5% expansion in July (USD 2.6 billion). Solid remittances were driven by sustained inflows from the U.S., Saudi Arabia, Singapore, and the UAE.

On a cumulative basis, cash transfers in the 12 months up to August totaled USD 29.7 billion, up from the USD 29.6 billion 12-month sum in July.

Remittances, which accounted for close to 9% of GDP in 2018, are an important source of income for many Filipino families. With economic slowdowns hitting the U.S. and many neighboring Asian countries, remittances could take a beating in the quarters ahead, which could pass through to slower private consumption.

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