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.