Philippines: Remittances decelerate in April
June 15, 2015
In April, cash remittances from Overseas Filipino Workers (OFW) increased 5.1% over the same month last year, reaching USD 2.0 billion. The print market a significant deceleration over March’s stronger 11.3% increase. Nevertheless, the overall trend improved as remittances totaled USD 24.7 billion in the 12 months up to April, coming in slightly above March’s USD 24.6 billion and marking yet another record high. The increase represented a 5.7% expansion over the same period last year, which met March’s rise.
Remittances, which accounted for approximately 8.5% of GDP in 2014, are an important source of income for many Filipino families and thus a key driver of private consumption. According to the Central Bank, land-based workers accounted for the larger share of remittances, while a smaller proportion of remittances came from sea-based workers. Remittances mainly came from the United States, Saudi Arabia and the United Arab Emirates.