Philippines: Remittances continue to grow in January
March 15, 2016
In January, cash remittances from Overseas Filipino Workers (OFW) rose 3.4% over the same month last year and reached USD 2.0 billion. The reading marked a slowdown compared to December’s 4.9% rise. The overall trend was stable, as cash remittances totaled USD 25.8 billion in the 12 months up to January, which mirrored December’s result. The reading marked a 4.5% expansion over the same period of the previous year, which was down slightly from December’s 4.6% rise. Remittances, which accounted for approximately 9.8% of GDP in 2015, are an important source of income for many Filipino families and thus a main driver of private consumption.FocusEconomics Consensus Forecast panelists expect private consumption to grow 6.0% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects private consumption to expand 5.7%.