Philippines: Remittances continue to grow in June
August 16, 2017
In June, cash remittances from Overseas Filipino Workers (OFW) expanded 5.7% from the same month of the previous year to USD 2.5 billion. The reading followed the 5.5% growth recorded in the previous month.
The overall trend also improved as cash remittances totaled USD 27.5 billion in the 12 months to June, marginally up from May’s USD 27.4 billion and a multi-year high. The result was 5.1% higher than the same period of the previous year, mirroring the previous month’s growth rate. Remittances, which accounted for approximately 9.8% of GDP in 2016, are an important source of income for many Filipino families and thus one of the main drivers of private consumption. The expansion registered in June was mainly due to growing remittances from the United States, the United Arab Emirates, Hong Kong and Singapore.