The ocean and the beach in the Philippines

Philippines Remittances May 2019

Philippines: Remittances inflows gain momentum in May

Cash remittances from Overseas Filipino Workers (OFW) increased a total of USD 2.6 billion in May, which marked a 5.7% rise from the same month a year prior, accelerating from the 4.0% year-on-year uptick registered in April (USD 2.4 billion).

On a cumulative basis, cash transfers in the 12 months up to May totaled USD 29.5 billion, slightly up from April’s USD 29.3 billion 12-month sum.

Cash remittances in May were again supported by strong inflows from the U.S.—the origin of over a third of all remittances— benefiting from the U.S.’ rock-solid labor market. Remittances from Saudi Arabia, Singapore, and the U.A.E also boosted headline growth. Steady remittances from overseas Filipinos should continue to buttress private consumption this year. Remittances, which accounted for close to 9% of GDP in 2018, are an important source of income for many Filipino families.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest