Philippines: Remittances continue to grow robustly in July
September 15, 2017
In July, cash remittances from Overseas Filipino Workers (OFW) expanded 7.1% from the same month of the previous year to USD 2.3 billion. The reading followed the 5.7% growth recorded in June.
The overall trend also improved as cash remittances totaled USD 27.7 billion in the 12 months to July, slightly up from June’s USD 27.5 billion and was a multi-year high. July’s result was 6.2% higher than the same period of the previous year, up from June’s 5.1% increase. 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, Singapore and Japan.