Philippines: Remittances inflows growth slows in April
June 17, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.4 billion in April, which was a 4.0% increase from the same month a year prior, down from the 6.6% rise recorded in March.
On a cumulative basis, cash transfers in the 12 months up to April totaled USD 29.3billion, up from March’s USD 29.2 billion 12-month sum.
Cash remittances in April continued to be supported by strong inflows from the U.S.—the origin of over a third of all remittances—Saudi Arabia and Singapore. Steady remittances from overseas Filipinos should continue to support 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.
Author: Lindsey Ice, Economist