Philippines: Remittances grow at steady pace in June
August 18, 2015
In June, cash remittances from Overseas Filipino Workers (OFW) increased 5.8% over the same month last year, reaching USD 2.2 billion. The print was in line with May’s increase. The overall trend improved slightly as cash remittances totaled USD 25.0 billion in the 12 months up to June, coming in slightly above May’s USD 24.9 billion and marking yet another record high. The increase represented a 5.7% expansion over the same period last year, which met May’s result.
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, cash remittances mainly came from the United States, Saudi Arabia and the United Arab Emirates.