Philippines: Remittances rebound in April
June 15, 2016
In April, cash remittances from Overseas Filipino Workers (OFW) rose 4.1% over the same month last year and reached USD 2.2 billion. The reading contrasted March’s 1.2% drop. The overall trend improved slightly, as cash remittances totaled USD 26.0 billion in the 12 months up to April, which was a tad up from March’s USD 25.9 billion. The reading represented a 2.8% expansion over the same period of the previous year, which was down from March’s 3.0% rise. Remittances, which accounted for approximately 9.8% of GDP in 2015, are an important source of income for many Filipino families and thus a main driver of private consumption. Remittances came mainly from the United States, Saudi Arabia, the United Arab Emirates and Singapore.FocusEconomics Consensus Forecast panelists expect private consumption to grow 6.2% in 2016, which is up 0.1 percentage points from last month’s projection. For 2017, the panel expects private consumption to expand 5.7%.