Philippines Remittances July 2020

Philippines

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.

Private consumption is seen contracting 4.0% this year, which is down 0.5 percentage points from last month’s forecast. Next year, household spending is seen recovering and growing 6.5%.


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Philippines Remittances July 20 20

Note: Monthly OFW remittances in USD billion and annual variation in %.
Source: Central Bank of the Philippines (BSP).


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