Philippines: Remittances rebound in June
Remittances totaled USD 2.5 billion in June (May: USD 2.1 billion), representing a 7.7% year-on-year rise and likely supported by the lifting of lockdowns abroad. This follows May’s 19.3% year-on-year drop. In the 12 months up to June, remittances amounted to USD 29.5 billion, above the USD 29.3 billion recorded in May. June’s 12-month rolling sum was up 0.4% from a year earlier (May: -0.4% year-on-year).
Remittances, which accounted for roughly 9% of GDP in 2019, are an important source of income for many Filipino families. The fall in remittances expected over 2020 as a whole will contribute to weaker private consumption.