Philippines: Remittances in July grow at slowest pace in over six years
September 9, 2015
In July, cash remittances from Overseas Filipino Workers (OFW) increased 0.5% over the same month last year, reaching USD 2.1 billion. The print came in notably below June’s 6.1% increase and marked the smallest expansion since January 2009. The overall trend stabilized as cash remittances totaled USD 25.0 billion in the 12 months up to July, matching June’s print, which had represented a record high. The increase marked a 5.2% expansion over the same period last year, which was down from June’s 5.7% rise.
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.