Philippines Remittances December 2015

Philippines

Philippines: Remittances rebound in December

February 19, 2016

In December, cash remittances from Overseas Filipino Workers (OFW) recovered, rising 4.9% over the same month of the previous year and reaching 2.5 USD billion. The reading marked the largest gain in five months and contrasted November’s 6.2% decrease. The overall trend improved slightly, as cash remittances totaled USD 25.8 billion in the 12 months up to December, which was a notch up from November’s USD 25.7 billion. The increase marked a 4.6% expansion over the same period of the previous year, which was down slightly from November’s 4.9% 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.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 6.0% 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%.


Author: Teresa Kersting, Economist

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Philippines Remittances December 2015

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


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