Philippines Remittances July 2019

Philippines

Philippines: Remittances inflows surge in July

September 16, 2019

Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.6 billion in July, increasing a sharp 7.5% in annual terms and rebounding from the 2.9% decline in June (USD 2.3 billion). Stronger remittances inflows were driven by higher cash transfers from the U.S., Saudi Arabia, Singapore and the United Arab Emirates.

On a cumulative basis, cash transfers in the 12 months up to July totaled USD 29.6 billion, up from the USD 29.4 billion 12-month sum in June.

Remittances, which accounted for close to 9% of GDP in 2018, are an important source of income for many Filipino families. With economic slowdowns hitting the U.S. and many neighboring Asian countries, remittances could take a beating in the quarters ahead, which could pass through to slower private consumption.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 5.9% in 2019, which is unchanged, and 5.8% in 2020.


Author:, Economist

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Philippines Remittances July 2019

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


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