Philippines: Remittances grow solidly in July
September 16, 2020
Remittances totaled USD 2.8 billion in July (June: USD 2.5 billion), representing a 7.8% year-on-year rise and likely supported by the lifting of lockdowns abroad. This follows June's 7.7% year-on-year increase. In the 12 months up to July, remittances amounted to USD 29.7 billion, above the USD 29.5 billion recorded in June. July’s 12-month rolling sum was up 0.5% from a year earlier (June: +0.4% year-on-year).
Remittances, which accounted for roughly 9% of GDP in 2019, are an important source of income for many Filipino families. The fall in remittances expected over 2020 as a whole will contribute to weaker private consumption.