Philippines Remittances

Philippines

Philippines: Remittances growth speeds in May

July 15, 2015

In May, cash remittances from Overseas Filipino Workers (OFW) increased 5.8% over the same month last year, reaching USD 2.1 billion. The print marked a slight acceleration over April’s 5.1% increase. The overall trend improved as cash remittances totaled USD 24.9 billion in the 12 months up to May, coming in slightly above April’s USD 24.7 billion and marking yet another record high. The increase represented a 5.7% expansion over the same period last year, which met April’s reading.

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.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 5.7% in 2015, which is unchanged from last month’s projection. For 2016, the panel expects private consumption to expand 5.6%.


Author: Teresa Kersting, Economist

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Philippines Remittances May 2015

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


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